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Work out for yourself what it would cost.
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We compare the offerings of several insurers
An adviser checks whether the cover suits your activities
A premium indication, not personal advice. Prefer to talk it through? Call 072 - 509 24 56.
In brief
Anyone who handles payroll administration and payment files sits close to other people's money. The systems hold salaries, citizen service numbers, employees' bank details and the payment batches you prepare for approval. An attacker who gets into your mailbox does not need to encrypt anything afterwards: it is enough to change a bank account number in a data file, or to send an amended payment instruction to the client in your name. That is a different kind of loss from ransomware and is treated differently on the policy as well.
For this type of firm, therefore, the module for fraud and social engineering is the part to watch. It covers a payment made as a result of deception, and stands apart from the cover for attacks on your systems. Insurers often include that module only if you have a documented two-person authorisation procedure for changing bank details, and they apply a separate limit to it. If your client's money is transferred away, there is also the question of whose loss it is: you carry the liability, your client the loss.
For most of your work you are the processor and not the controller. The data processing agreements you concluded with your clients determine the period within which you report an incident and which security measures you have promised. Answers to the acceptance questions that do not match those agreements affect the duty of disclosure under Article 7:928 of the Dutch Civil Code and the consequences in Article 7:930 of the Dutch Civil Code. If you also work for accountancy firms, compare this with the approach on the page about cyber insurance for accountants.
What does cyber insurance for bookkeeping firms cover?
The structure of the cover in three parts, with an overview per situation below.
Immediate help
Incident response
Specialists who look into it within hours.
24/7 reporting line
Forensic investigation
Recovery and restart
Your business
Own damage
What the incident costs you yourself.
Data recovery and reconstruction
Business downtime
Ransom under consideration
Towards third parties
Liability
Claims from customers and data subjects.
Claims after a data breach
GDPR notification costs
Legal assistance
What is covered
Situation
Cyber
AVB
BAV
Ransomware brings your systems down
Yes
No
No
Data breach involving personal data
Yes
No
Sometimes
Costs of notification and informing those affected
Yes
No
No
Fraud through a falsified payment instruction
Sometimes
No
No
Administrative fine from the regulator
No
No
No
Hardware that is physically damaged
No
No
No
This overview is general in nature and is not personal advice. What is actually covered, including exclusions, limits and the excess, is set out in the policy conditions and the insurance card (verzekeringskaart) of the insurer; you receive both before you take out cover. Taking out cover without advice? Then read what execution only means for you.
Where things go wrong in practice
Four points that make the difference between a policy that pays out and one that does not.
Payment fraud is not a hack
Where a bank account number in a payroll batch has been changed or a false payment instruction has been issued, nobody has broken in; money has been transferred. Many cyber policies cover only attacks on systems and leave this out of account, or place it in a separate module with a lower limit and its own excess. Ask explicitly in the quote whether deception of your employee or of your client is included, and up to what amount.
Payroll runs and filing deadlines do not wait
If your system is down around the last week of the month, hundreds of your clients' employees receive no salary and the deadline for the payroll tax return keeps running. The costs of a workaround, such as pushing payments through manually or bringing in another firm, fall under the cover only if the additional costs item has been set generously enough. Ask about that before the peak arrives.
Your reporting deadline comes from the contract, not the law
The 72 hours of the GDPR apply to your client. Your data processing agreements almost always set a shorter period within which you have to report an incident to that client, sometimes 24 hours. So the incident response team has to be able to establish within a day which sets of records have been affected. Check whether the policy gives access to such a team and whether its costs fall outside your excess.
What falls outside the cover
Not covered are fines of a punitive nature, the amount your client pays its own employees voluntarily, and improvements to your security afterwards. Payments made without the control procedure set out in the policy are also refused, as are intent and wilful recklessness under Article 7:952 of the Dutch Civil Code. Damage to workstations and servers themselves belongs under the business contents cover.
What does your premium depend on?
Number of payslips processed. The number of employees in your packages determines how many people you have to inform after a breach.
Volume of payments handled. Whether you prepare batches yourself or only draft files makes a big difference to your exposure to fraud.
Two-person authorisation for changes to bank details. A documented procedure that is demonstrably followed is often a condition for the fraud module.
Limit of the fraud module. This limit stands apart from the main limit and is usually the constraining factor in payment losses.
Number of clients. More data processing agreements means more contractual reporting deadlines and more parties with a right to claim.
Access control on email and software. Multi-factor authentication on mailboxes weighs more heavily here than at firms without a payment role.
Insurers weigh these details differently. That is where your saving is.
How we arrange it
You request a quoteWe take stock of your situation, your risk and your wishes.
We compareseveral insurers, on premium as well as conditions.
You receive a proposalWith an explanation of the differences and the exclusions.
We arrange the switchIncluding cancellation, so there is no gap in cover.
Customers rate our service on four aspects: personal service, service delivery, availability and the outcome. The reviews are collected and published by NH1816 and come from customers who have actually taken out a policy with Finass Advies B.V. or reported a claim.
A salary has gone to a false bank account. Is that covered?
Only if the fraud or social engineering module is included. The main cover concerns attacks on your systems, and where a bank account number has been changed there has usually been no break-in but manipulation. The insurer also checks whether your control procedure was followed. If the change was made without a second check, refusal or reduction often follows.
Who reports the data breach: us or our client?
Your client reports it to the Autoriteit Persoonsgegevens (the Dutch data protection authority), because the client is the controller. You report the incident to the client, within the period set in your data processing agreement. That is usually shorter than 72 hours. For your own personnel and client relationship data you are responsible yourself and report directly.
Our client demands compensation after a breach. Which policy handles that?
The third-party section of the cyber insurance handles claims arising from a data breach. If the complaint concerns the quality of your advice or processing, that falls under the professional indemnity insurance (BAV). Always report a claim on both policies. The insurers decide between themselves which cover responds.
We work in a supplier's cloud software. Does that shift the risk?
Responsibility for the data stays with you and your clients. If the service is down for days, you bear the consequences towards your clients, while the supplier's terms usually pay no more than part of the subscription. The interruption cover on your own policy is therefore relevant even when you work entirely in the cloud.
Finass Verzekert is a trading name of Finass Advies B.V. We advise on and arrange non-life insurance on the basis of an objective analysis of several insurers, and receive commission for this from the insurer, which is included in the premium. You pay no separate advice fee. Before you take out cover, we establish your wishes and needs.
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