Cyber Liability Insurance

Liability Insurance

Cyber Liability Insurance

Cyber insurance is a new but growing market. Cyber insurance is a type of property and liability insurance created to cover cyber risks. When you think about cyber security risk, hacking usually comes to mind. It might be data breaches or denial-of-service attacks. It is not possible to avoid technology, as the advantages far outweigh the negatives. However, with technological advances means business are at risk of becoming victims of cyber crime.

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Cyber Liability Insurance

Cyber attacks are becoming common where criminals steal data as well as money. Cyber crime can be from external sources as well as internal sources such as former disgruntled employees. Access to your company and client information can cause you to shut down your business permanently. For example, if your business gets hacked and the customer database gets leaked or sensitive information, then you might be looking at hefty fines. Cyber insurance protects your business from any data breach.

Cost of Cyber Liability Insurance

Standard cyber liability insurance is based on the nature of business, data security systems procedures, number of employees, location, etc

What Cyber Liability Insurance Covers

Breach costs: Covers costs related to responding to a breach, like forensic costs to verify and identify the breach, notify affected individuals, credit protection services, including costs to staff a call centre for the redemption of monitoring offers, and crisis management and PR costs.

Cyber Extortion: Covers response costs and financial payments related to network-based ransom demands. With the proliferation of ransomware and anonymous currencies like Bitcoin, network extortion demands are on the increase. In the digital world, intangible assets are ‘kidnapped’ and wont to extort individuals through threats to pack up a system or divulge sensitive or proprietary information if a ransom is not paid.

Business Interruption: Covers lost business income when a corporation has its network-dependent revenue interrupted.

Data recovery: Covers costs to exchange, restore, or repair damaged or destroyed data and software.

To get the right coverage for your business, speak to an experienced cyber liability insurance broker who will take you through the available options.

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