Cyber insurance can help organisations get back to business after a cyber attack or a data breach. As organisations become more reliant on technology, our insurance products have adapted to cater to this changing environment.
Our Cyber Insurance products also protect families and individuals against cyber risks.
What is Cyber Insurance and Why do I need it?
Information and other digital assets constitutes a significant portion of company’s balance sheet and intellectual property which is all predominantly stored electronically and shared over networks. What would the consequences be should these vital corporate assets be stolen, disclosed, lost, destroyed, or corrupted?
Cyber-crime cover a wide range of risks such as cyber-stalking, industrial espionage and information theft, fraud, extortion, identity theft, phishing scams and cyber terrorism.
Cyber risk are extremely broad affects us all and will continue to do so as our lives and businesses rely more and more on our digital world. Both in business and in our personal daily lives.
Cyber insurance is a tailor made product that provides comprehensive Insurance cover for liability and expenses a business may incur arising out of unauthorised use of, or unauthorised access to, physical and electronic data or software within an organisation’s computer network or business.
Cyber Insurance is no different to any other form of insurance, in that it will protect you from considerable financial harm if the worst were to happen. Even with the best mitigation and cyber protections in place, every business is still a target.
Cyber Insurance is also available to individuals and families to protect themselves and in the event of a cyber attack or computer failure.
What should my Cyber Insurance Cover?
Cyber Insurance policies vary greatly from insurer to insurer, however, generally the main areas of cover the policy seeks to cover are:
First-party coverage against primary losses and disruption resulting from:
- Data destruction
- Extortion such as during a Ransomware attack
- Crimes committed via the internet or network based fraud
- Denial of service attacks
- Digital Forensic investigations
- Credit Monitoring Costs
- Public Relations Costs
- Other systems interruption issues as defined by the policy
- Business Interruption consequence of a cyber incident
Liability coverage for losses and disruption caused to others, for example:
- Failure to safeguard data and privacy breaches
- From failure to keep data secure, including claims for compensation,
- Investigations, payment of fines, and penalties.
- Defense costs and legal representation expenses.
- Crisis Management costs
- Monitor and Notification costs
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General Advice Warning
The information provided is to be regarded as general advice. Whilst we may have collected risk information, your personal objectives, needs or financial situations were not taken into account when preparing this information. We recommend that you consider the suitability of this general advice, in respect of your objectives, financial situation and needs before acting on it. You should obtain and consider the relevant product disclosure statement before making any decision to purchase this financial product.