Cyber
Insurance
About
Cyber insurance
Cyber-insurance is a specialty lines insurance product intended to protect businesses, and individuals providing services for such businesses, from Internet-based risks, and more generally from risks relating to information technology infrastructure, information privacy, information governance liability, and activities related thereto.
Risks of this nature are typically excluded from traditional commercial general liability policies or at least are not specifically defined in traditional insurance products.
Coverage provided by cyber-insurance policies may include first-party coverage against losses such as data destruction, extortion, theft, hacking, and denial of service attacks; liability coverage indemnifying companies for losses to others caused, for example, by errors and omissions, failure to safeguard data, or defamation; and other benefits including regular security-audit, post-incident public relations and investigative expenses, and criminal reward funds.
A data breach can damage more than just your small-business computer system – it also can damage your reputation and put your customers and/or employees at risk.
That's why cyber insurance can be a smart precaution for any size business.
We have more than a decade of experience in cyber insurance, protecting organizations against cyber crime and digital threats.
That's why we are able to offer you a range of cyber insurance products ranging from specialist, standalone cyber insurance to dedicated cyber risk coverage in traditional property and casualty policies.
Warranties
Discover all the guarantees
Network Security: Insurance against cyber attacks and hacking attacks.
Theft and fraud: Covers destruction or loss of the policyholder’s data as the result of a criminal or fraudulent cyber event, including theft and transfer of funds.
Forensic investigation: Covers the legal, technical, or forensic services necessary to assess whether a cyber attack has occurred, to assess the impact of the attack, and to stop an attack.
Business interruption: Covers lost income and related costs where a policyholder is unable to conduct business due to a cyber event or data loss.
Extortion: Provides coverage for the costs associated with the investigation of threats to commit cyber attacks against the policyholder’s systems and for payments to extortionists who threaten to obtain and disclose sensitive information.
Reputation Insurance: Insurance against reputation attacks and cyber defamation.
Computer data loss and restoration: Covers physical damage to, or loss of use of, computer-related assets, including the costs of retrieving and restoring data, hardware, software, or other information destroyed or damaged as the result of a cyber attack.
Information Privacy: Covers organizational liability(ies) arising from actual or alleged non-compliance with any worldwide cyber, information privacy, or identity-related regulation, statute, or the law.
For example, this coverage part would cover an organization's legal defense, and ultimate monetary settlement, resulting from a regulatory claim alleging such organization was non-compliant with any covered privacy regulation, such as the "right to (personal information) erasure" governed within the European Union's General Data Protection Regulation.[8]
FAQ
We answering to your questions
Cyber insurance generally covers your business' liability for a data breach involving sensitive customer information, such as Social Security numbers, credit card numbers, account numbers, driver's license numbers and health records.
Unfortunately, even some of the most tech-savvy individuals can fall victim to cybercrime.
While there are numerous types of criminal activities occurring online, there are a few common cybercrimes to be aware of:
Malware
A form of malicious software that can install itself in your systems via phishing scams and by exploiting software vulnerabilities.
Once installed, the attacker can spy on online activities and steal private data.
Ransomware
This a form of malware that attacks your computer system and encrypts data.
The attacker will then demand a ransom payment in exchange for the return of the data. It’s worthwhile to formulate a data recovery plan as a precaution and maintain at least one backup of your data.
Hacking
Cyber hacking is a term used for the partial or complete acquisition of a computer system or certain functions within it.
There are various methods of doing so, but the aim is generally to access important data.
Besides legal fees and expenses, cyber insurance typically helps with:
- Restoring personal identities of affected customers
- Recovering compromised data
- Repairing damaged computer systems
In the event of a cyber attack, most cyber insurance policies will cover the first-party and third-party financial and reputational costs if data or electronic systems have been lost, damaged, stolen or corrupted.
For the business involved – the first-party — cover includes the cost of investigating a cybercrime, recovering data lost in a security breach and the restoration of computer systems, loss of income incurred by a business shutdown, reputation management, extortion payments demanded by hackers, and notification costs, in the case you are required to notify third parties affected.
Third-party coverages (that result from claims against you) include damages and settlements, and the cost of legally defending yourself against claims of personal data leakage.
If your business uses, sends or stores electronic data, you may benefit from cyber insurance.
Information, is vulnerable to cyber-attacks and data breaches; cyber insurance can help with the cost of recovery.
This is why cyber insurance is an important part of small business insurance, as it offers financial support if the worst happens.
That data, whether it belongs to the business or customer is sensitive
The cost of cyber insurance depends upon several factors, including the business’ annual revenue, the industry it functions within, the type of data held, and the level of network security.
Certain sectors are more vulnerable to cybercrime and will therefore require a higher level of coverage.
For example, companies that hold a large number of personal records, such as in finance and healthcare, are at greater risk than a sector like catering, for example.
The best way to find out how much it would cost to cover your business is to run an online cyber and data insurance quote.