That’s why a quality cyber protection insurance policy should be specifically tailored to your business setup.
The risk of data breaches and cyber-crime has grown exponentially, leaving your business information more prone to cyber attacks.
Facing liability issues off the back of a cyber security breach can have dire implications for your professional reputation.
Cyber risk, cyber security or cyber protection insurance is designed to protect your business from the financial impact of computer hacking or a data breach.
For all types of businesses, a robust cyber protection insurance plan serves to protect in broad instances such as:
with many variations to these depending on your circumstances and business assets.
Concerns over privacy and theft of information are further validated with an increasing number of cyber crime reports emerging worldwide.
Most businesses are vulnerable to cyber hackers because websites and electronically stored records are now generally found as a normal part of running a business.
The financial loss isn’t the worst in the instance of hackers having a successful jaunt—it’s the threat of your intellectual property and clients’ personal information being exposed—disastrous for anyone’s reputation.
An impenetrable cyber security insurance policy is therefore vital.
Cyber-crime insurance policies vary in the benefits they provide, but generally covers:
Exclusions and the excess you need to pay can vary greatly depending on your insurer. Policies generally won’t include cover for:
|Type of Cover||Potential Benefits|
|First Party Lossess|
|Business interruption losses||Covers financial loss you may suffer as a result of a cyber attack|
|Cyber extortion||The cost of a cyber attack, such as hiring negotiation experts, covering extortion demands and prevention of future threats|
|Electronic data replacement||The cost of recovering or replacing your records and other business data|
|Third Party Losses|
|Security and privacy liability||Damages to your reputation resulting from data breaches, such as loss of third party data held on system|
|Defence costs||Funds the legal end of the costs of defending claims|
|Regulatory breach liability||Legal expenses and the costs of fines arising from investigation by a government regulator|
|Electronic media liability||The costs of copyright infringement,defamation claims and misuse of certain types of intellectual property online|
|Crisis management expenses||Provides cover for the costs of managing a crisis caused by cyber hackers|
|Notification and monitoring expenses||The cost of notifying customers of a security breach, and monitoring their credit card details to prevent further attacks|
We’re proud of the standards our team upholds. Every possible risk is examined and minimised through our exhaustive (but simplified) process.