Cyber Protection Insurance

Cyber protection insurance is designed to help protect businesses from the financial impact of computer hacking or a data breach.

What is cyber protection insurance?

In today’s society, it has become almost mandatory for businesses to be engaged in the digital world in order to operate. Cyber protection insurance is designed to help protect businesses from the financial impact of computer hacking or a data breach. 

Who should consider cyber protection insurance?

If your business has a website or electronic records, you’re vulnerable to cyber hackers. A cyber-attack could cost your business more than money. It could threaten your intellectual property and put customers’ personal information at risk – which could damage your reputation.

What can cyber protection insurance cover?

Cyber protection insurance vary in the benefits they provide. Your Westphalian insurance broker can help you find the right product to suit your business’ needs. Depending on your policy, cyber protection insurance may cover you against:

Type of coverPotential benefits
First party losses 
Business disruption lossesCovers financial loss you may suffer as a result of a cyber attack
Cyber extortionThe costs of a cyber-attack such as hiring negotiation experts, covering extortion demands and prevention of future threats.
Electronic data replacementThe costs of recovering or replacing your records and other business data
Third party losses 
Security and privacy liabilityDamages to your reputation resulting from data breaches, such as loss of third party data held on your system.
Defence costsFunds the legal costs of defending claims.
Regulatory breach liabilityCovers legal expenses and the costs of fines arising from investigation by a government regulator.
Electronic media liabilityThe costs of copyright infringement, defamation claims and misuse of certain types of intellectual property online.
Extra expenses 
Crisis management expensesProvides the costs of managing a crisis by cyber-attacks
Notification and monitoring expensesThe costs of notifying customers of a security breach and monitoring their credit card details to prevent further attacks

What usually isn't covered by cyber protection insurance?

Exclusions, the excess you need to pay and limits of liability can vary greatly depending on the nature of the product you are purchasing, the associated risk, the insurer and the requirements of your business.

Policies generally do not include cover for:

  • Damage to computer hardware.
  • Criminal actions committed by you or your business.
  • A cyber-attack based on facts of which you were aware.
  • Criminals using the internet to steal money from you.

There are exclusions which are specific to each type of policy, which your Westphalian insurance broker can outline for you. There may be a deductible/excess depending on your requirements.

Expert advice to help protect you

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