Cyber Security Business Insurance
When it comes to a data security breach or privacy loss, it isn’t a matter of if it will happen as when it will happen. So when it does happen, you’ll need comprehensive protection from an insurer that specialises in handling cyber risks, offers a full suite of integrated insurance solutions to help minimise gaps in coverage, and understands how to tailor coverage to your business.
What is Cyber Security Business Insurance?
The World Wide Web has no boundaries and as business models evolve through the use of new technologies, so must traditional insurance programs and risk management practices. Businesses may be operating under the belief that their existing insurance policies are enough to cover their data security and privacy exposures. Unfortunately, this is not the case and traditional insurance policies may be inadequate to respond to the exposures organisations face today.
The information age allows us to collect more data, store more data and extract information around the globe 24/7. This access to private and sometimes sensitive information can significantly increase a company’s vulnerability to cyber security threats – any of which can result in significant out-of-pocket and reputation costs that can devastate a company’s bottom line.
Coverage Includes: Third-Party Cyber Liability for:
- Privacy Liability, including suits by customers arising from system security failures that result in potential or actual unauthorised access to or dissemination of private information on the internet.
- Content Liability, including suits arising from intellectual property infringement, trademark infringement and copyright infringement.
- Reputational Liability, including suits alleging disparagement of products or services, libel, slander, defamation and invasion of privacy.
- Conduit Liability, including suits arising from system security failures that result in harm to third-party systems.
- Impaired Access Liability, including suits arising from a system security failure that results in your clients’ systems being unavailable to customers.
- Privacy Regulatory Actions including defense cost, consumer redress funds and related Privacy Regulatory Fines.
Coverage Includes: First-Party Cyber Crime Expense For:
- e-Business interruption, including first dollar Recovery Expenses.
- e-Threat Loss, including the cost of a professional negotiator and ransom payment.
- Privacy Notification Expenses, including the cost of credit monitoring services for affected customers.
- Crisis Management Expenses, including the forensic experts costs and the cost of public relations consultants.
- e-Vandalism Loss, even when the vandalism is caused by an employee.
- Reward Expenses, including the cost of paying an informant.