Insurance - Amazon - Cyber Insurance
Hi,
Any other sellers here have Cyber Insurance?
Last year we paid £250.
This years quote, £3000
We sell in the EU and NA as well as UK (50% UK, and not a particularly big business (only 3 ASIN)
After some research, I found that Amazon does not cover for Cyber Attack.
Anyone else covered? Any recommendations? Thoughts?
Thanks
19 replies
Seller_esvgLzKXw2YAl
I wouldn’t imagine that any insurance you take out, could cover you from Cyber attack on the Amazon website. So not entirely sure what it is that your looking for?
It is Amazon’s responsibility to protect their website and not yours. One thing I am sure of, is that their systems are state of the art, as one of the biggest data corporations in the world.
I doubt very much that many sellers bother with this kind of insurance, as the vast majority don’t have their own systems etc and it’s an unnecessary expense for most.
Seller_tRuvBEHDedp4q
Are you talking Cyber Insurance of general business insurance?
As Neil says I cannot see the need for full Cyber Attack insurance. I believe my business insurance has a clause (I will have to check as its been a couple years now since I read it properly) in case I suffer an attack on the computer I use for business and that should be ample for most peoples needs I would have thought. But it is also reliant on the fact I have proper anti-virus software etc.
However I notice you sell to NA - and I can almost guarantee if it is general business insurance you are looking into then it is this fact alone which has raised your premiums. I had a similar quote and have instead just stopped selling to NA as I just could not find an insurance company that would give me a reasonable quote once they realised I sold worldwide including NA. Once I agreed to remove all NA shipping options my premium went back to a more reasonable level.
Seller_rAdXBFR6qwF2n
Hi @Simply_NikNaks1 and @NEil
I am specifically talking about Cyber Insurance…
See this article here:
<moderator edit: removing external link>
And this point is highlighted:
Amazon’s recent changes to its Terms of Service state that the company is absolved of responsibility for any damages in the wake of a data breach against third-party vendors operating on their platform (meaning Amazon sellers must incur all costs associated with a cybercrime). Amazon sellers should strongly consider obtaining cyber liability insurance in order to mitigate this risk and protect themselves from the financial repercussions.
Its certainly not something I want to pay for, but it appears Amazon have made themselves not responsible?
We sell 95% on Amazon, and 5% on Shopify. Even with Shopify we do not store any customer data, its within Shopify.
Same as Amazon, its not stored on our computer, we have to access Amazon.
However the insurance companies said this did not matter… I was dealing with a broker, and they went out to numerous insurance companies…
Also just to advise we have General Amazon insurance, as required to Amazon policies, we pay £283 a month (£3396 per year)
Thanks
Seller_rAdXBFR6qwF2n
@NEil “And I was specifically talking about cyber insurance as well”
- apologies if that came across wrong - I wasn’t being rude, @Simply_NikNaks1 wasn’t sure if I was talking about Cyber Insurance or the Liability insurance.
And - yes the general insurance. Amazon requirement. Product liability, cover up to $1million, if in the US have ever exceeded $10k in on month, and £4k in the UK/EU. This was not optional, we had to upload documents on Amazon at there request (we are Private Label),
Cyber Insurance… Yes I agree they are just selling. The £250 a year was fine. With the £3k I told them to walk.
However from research, it all falls on us, if there are any breaches.
Really that was my question, trying to find out whether other sellers have taken out a Cyber Insurance policy or not.
