Cyber Insurance
When it comes to cyber risk, insurance is more important than ever with attacks and security breaches increasing in frequency and sophistication. Cyber and data risks insurance is designed to support and protect your business if it experiences a data breach or is the subject of an attack by a malicious hacker that affects its computer systems. It provides comprehensive cover, simplicity, reputation protection and a trusted partner in the event of a claim.
A good cyber policy will cover the costs of both your own losses and third party losses that may be held responsible for. It will also cover accidental incidents as well as deliberate breaches, be they caused by your own staff or outsiders.
Many policies can be extended to include a range of benefits such as:
- Payment of fines & penalties
- Payment of ransoms & extortion
- Cover for lost or disrupted income
- Costs of notifying your contacts
- Cover for physical injury/damage
- Incidents at your outsourced service providers
- The cost of phone hacks
- Social media risks
A good cyber policy will do so much more than present you with a cheque in the event of an incident; it will provide a comprehensive crisis management service along the following lines:
- You experience a cyber or data incident
- You contact your cyber insurance company who launches its crisis management procedure
- Technical & forensic specialists are provided to pinpoint the problem, stop the problem and restore systems & data
- Legal experts are appointed to ensure you respond in a compliant manner and act for you in any legal or regulatory disputes
- Public Relations consultants act to minimise reputational damage and handle correspondence with your contacts, notifying them of the situation
- Fines & penalties paid
- Defence costs & damages paid
