Cyber Liability Insurance
Whatever type of business you run, it's likely that your reliance on technology has grown in recent years. Cyber Liability Insurance has been designed to protect you and your business against significant risks, both external and internal, to the data, information and networks that might be illegally accessed or misused.
Protecting your cyber and data security
We can arrange cover that will help to protect your business at a number of key stages:
Taking action
- Data security liabilities – covers your liability arising from the failure to properly handle, manage, store, destroy or control personally identifiable information.
- Viruses and hacking – covers liabilities arising from the unintentional transmission of a computer virus, or from a hacker’s fraudulent use of information and communication assets such as telecommunication systems.
- Media liabilities – covers costs of a court ordered withdraw or alteration to data, images or website content to mitigate a claim. Also includes cover for loss of documents.
- Cyber extortion – covers the expenses incurred by you and your business including the value of any ransom paid to end a cyber-extortion threat.
Rectification
- Forensics – pays a forensic consultant to establish the identity or methods of the hacker, followed by a security specialist who will outline the costs to improve your security. This can cover temporary storage of your data if your information assets remain vulnerable.
- Data breach notification – covering you for the potentially substantial costs arising from your regulatory requirement to notify clients following a data breach. This covers costs for sending and administering notifications, employing customer services to respond to any enquiries, and any associated legal fees.
- Credit monitoring – pays for credit monitoring services for people impacted by a security breach in order to comply with data breach law.
- Asset rectification – covering you for the costs to repair, restore or replace affected assets following damage, theft, or misuse by a hacker.
- Legal – include cover for court attendance and defence costs.
Repairing the damage
- Public relations – provides payment for a PR consultant to avert or mitigate damage to your brand and business operations.
- Defence or penalty costs – covers payments that you are legally obliged to make as a result of a civil regulatory action, regulatory compensation, civil penalty, or fines imposed by a regulator.
- Business interruption – covers loss of business income resulting from the total or partial interruption, degradation, or failure of information and communication assets such as a website or customer portal.
To find out more about how Cyber Liability Insurance can help protect your business, download our flyer, or find your local office and speak to one of our expert insurance advisers.
