Cyber Liability Insurance
Why do you need it?
From the increased use of mobile and the web, to collecting and storing client data, the reliance your business has on technology has probably grown in recent years. In parallel, the risks faced by businesses relying on technology and data has also increased. Cyber Liability Insurance helps by:
- Taking action
As soon as we’re notified of an incident, our cyber policy reacts, covering your liabilities on media, data security, viruses and hacking.
Costs covered are further reaching than your initial liabilities. Customer notifications, credit monitoring and legal fees are also included.
- Repairing the damage
In addition to hiring forensic to identify root causes, PR consultants can also be paid to mitigate damage to your brand.
How we can help
We work with our insurer partners to arrange a cyber policy that is truly fit for purpose. In addition to comprehensive cover, it will also feature access to a team of breach specialists that can help you address risks and issues at pace.
Contact your nearest Cyber Liability expert
Need advice? Our advisers can help. Let us know where you are and find your nearest expert.
Product benefits and features
- Regulatory defence and penalties
Your policy can cover payment for amounts which you are legally obliged to pay as a result of a civil regulatory action, regulatory compensatory award, civil penalty, or fines (as insurable by law), imposed by a government or public authority regulator.
- Cyber extortion
Your policy can cover expenses incurred by you and your business, including the value of any ransom paid for the purpose of terminating a cyber-extortion threat.
- Data breach notification
Your policy can cover the cost of consumer notifications following a data breach, to comply with data breach law. This includes legal fees, costs to send and administer notification communications, as well as the costs of call centre services to respond to enquiries and queries following a notification communication.
- Business interruption
Your policy can cover you for loss of business income resulting from the total or partial interruption, degradation in service, or failure of information and communication solutions.
- Fraudulent Representation
Your policy can cover payment for loss of the insured’s money, property, products, goods, services or other financial benefit, where such losses are as a direct result of a fraudulent electronic communication designed to impersonate the partners, directors or members of the insured.
Frequently asked questions
No. That’s more likely to be covered by a crime policy. For example, if someone were to hack in to an online bank account, whilst the hacking and data would be covered under the policy, the loss of money wouldn’t be. A crime policy can be introduced to support this cyber solution.
No. This policy will insure data however it is stored.
As long as you’re able comply with the Terms and Conditions set out by the insurer, then you can be insured. We’ll work with you to understand these and make sure your business is in good shape.
There has been much written over the last few months of GDPR, some of it is good accurate information and the rest, well, fish and chip paper is probably it’s best use.
With the introduction of intelligent and connected systems, we have a real opportunity to lower the cost of journeys and make our roads safer.