As digital technologies accelerate, so do cyber risks: hacking, malicious attacks, stolen data and laptops are now all too common. What’s more, online attacks, system failure and employee negligence are all equally damaging to businesses. Cyber cover is a necessary add-on for any business, offering a simple, affordable way of managing their exposure to the common forms of cyber risk.
What Does Cyber Insurance Cover
It protects businesses against the costs associated from the release of personal data as well as loss or damage to their own data (1st party costs). It also covers third party compensation costs where you could be found legally liable in connection with your use of the internet, website, e-mail or intranet (electronic media). These covers have the flexibility to be tailored to your needs.
Preventative Risk Management
Many businesses lack the know-how to strengthen their IT security and protect their data. Businesses with cyber cover will automatically have the resources at their fingertips to help reduce the threat of a data breach.
Breach Response Services
All businesses must respond quickly and effectively when a data breach occurs to protect their brand reputation, avoid legal action and minimise the impact of the breach on the continued running of the business. It’s not just about insurance, but about making sure that you have access to expert advice and services to minimise cyber exposure and providing clear direction and assistance should a data security breach occur. Our insurers work with businesses to understand if a breach has occurred, how and when it should be reported and how to fix the problem to ensure it doesn’t happen again.
Policies Can Include
- breach counselling: to assess the breach situation, determine what notifications are required and provide a clear response strategy based on the incident and exposure public relations assistance: company reputation protection for post-incident media and public interaction
- evidentiary support: documentation of remediation steps taken to support claims and legal counsel post-breach
- customised notification letter templates: to comply with regulatory requirements.