Cyber-insurance is a product designed to protect both businesses and individual users from risks relating to Internet and information technology infrastructure and activities.
Risks of this nature are not covered by traditional commercial/business liability policies.
Do I need Cyber Insurance?
You may if you:
- hold sensitive customer data, such as names, addresses or banking information
- are reliant on computer systems to conduct your business
- have a website
- are subject to a payment card industry (PCI) merchant services agreement.
Cyber liability insurance cover has been available for around 10 years, yet most vulnerable companies, haven’t heard of it or know what it is for!
- Breach Cost – the costs involved in data being breached (forensic investigations, legal advice, notifying customers and regulators)
- Cyber Business Interruption – if a Cyber Breach prevents you from generating revenue for a period of time
- Privacy Protection – defend claims for failing to keep personal data secure
- Hacker Damage
- Media Liability – infringement of copyright and inadvertently being libels against a third party
- Cyber Extortion – protection if a hacker tries to hold the company to ransom
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Privacy breach response services
- Legal and computer forensic services from a panel of experts to help determine the extent of the breach and the steps needed to comply with applicable laws or regulations
- Notification to persons who must be notified under applicable law; includes foreign notification where applicable
- When a breach does not trigger any legal duty to notify, coverage includes discretionary notice to individuals potentially affected by the breach
- Resolution and mitigation services, including one and three bureau monitoring and identity monitoring solutions.
- Identity theft-related fraud resolution services for individuals enrolled in credit monitoring who become victims of identity theft.
- As an alternative to credit monitoring, the insured may select to offer 12 free months of identity monitoring, including fraud support services for enrolled individuals