Business Protection
Cyber insurance, reviewed as a business resilience issue.
Trusted Union helps businesses review cyber risk and insurance options in the context of ransomware, data breach, business email compromise, incident response and operational continuity.
Cyber risk is no longer only an IT issue.
A cyber incident can affect operations, revenue, client trust, regulatory obligations, employee data, supplier relationships and board confidence.
Ransomware, business email compromise, phishing, data breaches and system interruption can create financial loss quickly, even for businesses that do not consider themselves technology companies.
Cyber insurance can help support incident response, recovery costs, legal advice, notification expenses, cybercrime loss, privacy liability and business interruption, depending on the policy wording.
Trusted Union helps businesses review cyber insurance in a structured way. We consider the company’s data exposure, systems, revenue, industry, client contracts, cyber controls, incident response planning and insurer underwriting requirements, then help assess suitable market options.
Why Cyber Risk Matters Now
Cyber-enabled crime has become a mainstream business risk affecting finance, operations, client data, supplier relationships and management decision-making.
The FBI’s 2024 Internet Crime Report recorded US$16.6 billion in reported internet crime losses, a 33% increase from the previous year. Business email compromise, investment scams, data extortion and personal data breaches were among the major reported threat areas.
Insurer and cyber market research also show why the issue has moved beyond IT. Hiscox’s Cyber Readiness Report found that 59% of surveyed businesses had experienced some form of cyber attack in the previous year, with ransomware remaining a major source of disruption.
Hong Kong has also seen high-profile cyber-enabled fraud, including the widely reported deepfake video conference fraud involving Arup, where a Hong Kong-based employee was deceived into transferring funds after criminals impersonated colleagues on a video call.
For business leaders, the question is not only whether the company can prevent every attack. It is whether the organisation has the right controls, response plan, insurance structure and specialist support in place if an incident occurs.
Key Areas of Cover
How we support you across the area.
01
Ransomware and Cyber Extortion
May help respond to ransomware incidents, specialist response support, negotiation costs, recovery costs and related expenses.
02
Business Email Compromise
Can involve fraudulent payments, invoice manipulation or funds transfer loss, depending on wording and controls.
03
Data Breach Response
May support legal advice, forensic investigation, notification, credit monitoring, public relations and regulatory engagement.
04
Incident Response
Many cyber policies provide access to forensic experts, legal advisers and crisis management support.
05
Cyber Business Interruption
May respond to certain loss of income or increased costs following covered cyber incidents.
06
Privacy and Network Security Liability
May help respond to third-party claims alleging failure to protect data, systems or confidential information.
Who It May Be Relevant For
- Professional firms
- Financial services businesses
- Technology companies
- Healthcare and wellness providers
- Companies holding client data
- Businesses using cloud systems
- E-commerce and online businesses
- Companies relying heavily on email invoicing
- Regional businesses with cross-border operations
- Organisations subject to client cyber insurance requirements
- Larger corporate groups with complex IT and data exposure
What Trusted Union Reviews
A structured review, item by item.
Where the information is available, a review typically looks across the following.
- Business activity and industry sector
- Annual turnover and revenue profile
- Type and volume of data held
- Client and employee data exposure
- Use of cloud systems and third-party platforms
- Geographic exposure
- Business email compromise risk
- Payment controls and approval procedures
- Multi-factor authentication
- Backup arrangements
- Endpoint protection
- Incident response planning
- Prior cyber incidents
- Contractual cyber insurance requirements
- Policy limits and deductibles
- Ransomware and cybercrime wording
- Business interruption cover
- Insurer underwriting questions
- Renewal conditions
- Gaps between cyber risk and existing insurance cover
The Trusted Union Approach
Business insurance structured around real commercial risk, contracts and continuity.
Why It Matters
Why a structured review matters.
Cyber insurance has become more technical and more closely underwritten. Insurers increasingly want to understand the company’s controls, including multi-factor authentication, backups, endpoint protection, access management, incident response planning and payment approval procedures.
A company may only discover these requirements at renewal or when a client asks for evidence of cyber cover. A structured cyber insurance review helps companies understand not only what cover is available, but what controls insurers expect and how cyber cover fits into wider business resilience.
Important Considerations
Cyber Is Not Just Technology
Cyber incidents can affect finance, operations, HR, legal, client service and reputation.
Policy Wording Varies
Ransomware, cybercrime, funds transfer fraud, system failure and business interruption wording can vary significantly.
Controls Matter
Insurers may require specific controls before offering cover or favourable terms.
Incident Response Is Critical
Access to specialist incident response support can be one of the most valuable parts of a cyber policy.
Contract Requirements Are Increasing
Enterprise procurement teams increasingly request cyber insurance or evidence of cyber controls.
Cyber and PI Should Be Considered Together
For technology, consulting and service businesses, cyber risk may overlap with professional indemnity.
Why Trusted Union
Advice held to a consistent standard.
Advisory-Led Review
We help businesses understand cyber insurance as part of operational and financial resilience.
Underwriting Preparation
We help clients prepare for insurer underwriting questions and understand why controls matter.
Market Access
We work with local and international insurers and help clients understand available cyber options.
Contract and Risk Awareness
We review cyber insurance in the context of client contracts, data exposure and operational dependency.
Support Across Business Sizes
We support founder-led businesses, professional firms, technology companies, regional businesses and larger corporate groups.
Common Questions
Questions we’re often asked.
What is cyber insurance?
Cyber insurance helps businesses respond to certain cyber incidents such as ransomware, data breach, cybercrime, business email compromise, privacy liability and system interruption, subject to policy terms and exclusions.
Is cyber insurance only for technology companies?
No. Any business that uses email, stores client data, relies on cloud systems, processes payments or depends on digital operations may have cyber exposure.
What is business email compromise?
Business email compromise is a form of fraud where attackers use email access, impersonation or invoice manipulation to trick a business into transferring money or changing payment details.
Does cyber insurance cover ransomware?
Some policies may cover ransomware-related response costs, recovery expenses and related losses, but this depends on the policy wording, insurer conditions and circumstances of the incident.
What cyber controls do insurers usually ask about?
Insurers may ask about multi-factor authentication, backups, endpoint protection, administrator access, patching, incident response plans, employee training and payment approval controls.
Is cyber insurance the same as professional indemnity?
No. Cyber insurance focuses on cyber incidents, data breach and digital risk. Professional indemnity focuses on professional services, advice, errors or omissions. Some businesses may need both.
Can Trusted Union help with cyber insurance applications?
Yes. We can help review insurer questions, identify required information, explain policy options and support the market review process.
Request a Confidential Review
Request a Confidential Review.
Start with a structured conversation about the area of insurance you would like to review.
Request a Confidential Review