Cyber protection insurance is designed to help protect your business from the financial impact of computer hacking ora data breach.
If your business has a website or electronic records, you’re vulnerable to cyber hackers. In fact, it’s likely that your business will suffer a cyber-attack at some stage.
A cyber-attack could cost your business more than money. It could also threaten your intellectual property and put customers’ personal information at risk – which could damage your reputation.
Type of Cover
First party losses
Business interruption losses - Covers financial loss you may suffer as a result of a cyber-attack.
Cyber extortion - The costs of a cyber-attack, such as hiring negotiation experts, covering extortion demands and prevention of future threats.
Electronic data replacement - The costs of recovering or replacing your records and other business data.
Third party losses
Security and privacy liability - Damages resulting from data breaches, such as loss of third-party data held on your system.
Defence costs - Funds the legal costs of defending claims.
Regulatory breach liability - Covers legal expenses and the costs of fines arising from investigation by a government regulator.
Electronic media liability - The costs of copyright infringement, defamation claims and misuse of certain types of intellectual property online
Extra expenses
Crisis management expenses - Provides cover for the costs of managing a crisis caused by cyber hackers.
Notification and monitoring expenses - The costs of notifying customers of a security breach and monitoring their credit card details to prevent further attacks.