When? Not If!
Why Cyber Insurance?
- A traditional commercial insurance policy will not protect against most cyber exposures.
- Standard commercial policies are written to insure against injury or physical loss and will do little, if anything, to shield you from electronic damages and the associated costs they may incur.
- Exposures are vast, ranging from the content you put on your website to stored customer data. Awareness
of the potential cyber exposures your company faces is essential to managing risk through proper cover.
- Generally cyber risks fall into first party and third party risks and insurance products exist to cover either
or both of these types of risk.
- Cyber insurance covers the losses relating to damage to, or loss of information from, IT systems and networks.
Policies generally include significant assistance with and management of the incident itself, which can be
essential when faced with reputational damage or regulatory enforcement.
What does it cover you for?
- Breach costs:
Your insurers will offer practical support in the event of a data breach (electronic or otherwise) including
forensic investigations, legal advice, notifying customers or regulators, and offering support such as credit
monitoring to affected customers
- Crisis containment:
In the event of a data breach, prompt, confident communication is critical to help minimise the damage to a company’s reputation. Insurers include crisis containment cover to provide support, from developing communication strategies to running a 24/7 crisis press office.
- Cyber Business Interruption:
Your insurers will provide compensation for loss of income, including where caused by damage to your reputation, if a hacker targets your systems and prevents your business from earning revenue.
- Cyber Extortion:
Your insurers will protect you if a hacker tries to hold your business to ransom.
- Hacker Damage:
Your insurers will reimburse you for the costs of repair, restoration or replacement if a hacker causes damage to your websites, programs or electronic data.
- Privacy Protection:
Your insurers will pay to defend and settle claims made against you for failing to keep customers’ personal data secure. The policy will also pay the costs associated with regulatory investigations and settle civil penalties levied by regulators where allowed.
- Multimedia Liability:
The policy includes protection if you mistakenly infringe someone’s copyright by using a picture online for example, or inadvertently libel a third-party in an email or other electronic communication.
- Cyber Crime
Your insurers will cover direct financial loss following an external hack into your company’s computer network. This could be theft of money, property, or your digital assets.
- Telephone Hacking:
Your insurers will pay the costs of unauthorised telephone calls made by an external hacker following a breach of your computer network; includes traditional fixed-line telephony systems, as well as online systems (VoiP, Skype, etc).
So what do you do?
Give us a call today at 01444 810 088 and talk to us about the possible exposures your business may be liable for.