Why cyber insurance is an important consideration for public sector organisations
Cyber insurance for the public sector has the potential to make a huge difference to the outcome if there is a cyber event. However UK councils, schools, healthcare providers and other public service organisations usually work with tight budgets and often within guidelines for where public money must be allocated.
Cyber security is now a big issue but historically has not been a financial priority, even though there have been many examples in the public sector of the disruption to finances and services that a cyber attack can cause.
A cyber attack has the potential to cause major disruption. Critical funds may be lost that would otherwise have been allocated to supporting public services; systems and processes may be impacted, disrupting important services; and the personal data of thousands of people could be exposed and exploited. Cyber insurance can help public sector organisations minimise financial loss and recover more quickly from a cyber attack.
Public sector and government cyber risk in numbers
£2 million
Average cost of a data breach for a public sector entity1
32%
Percentage of cyber attacks originating from email inbox2
£1 million
Average ransomware demand in H1 20242
Coalition can help protect the public sector with security tools and tailored insurance coverage
Costs to respond to an extortion incident, including help with restoring from backups, and ransom negotiation if needed.
Payment on behalf of policyholder for upfront costs relating to an incident.
Support with incident response planning and security awareness training.
Costs to replace computer systems and other operational technology damaged in a cyber attack.
Cybercrime coverage and funds transfer fraud clawback capability.
Service interruption losses from cyber attacks against you or your suppliers.
Related Case Studies
Breach coverage allows municipality to investigate early
When a municipality had suspicious EDR alerts, they contacted Coalition to help them discover any nefarious activity.
Breach Response Coverage Empowers School Investigation into Potential Data Compromise
School investigates potential cyber threat from ex-employee.
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1 IBM Cost of a Data Breach Survey 2024 2 Coalition Cyber Claims Report 2024 - Mid-Year Update 3 Coalition Control and Coalition Security services provided by Coalition Incident Response UK, Ltd, a wholly owned affiliate of Coalition Inc.
