Cyber Liabilities

The threats posed by Cyber breaches are now very real and have serious economic and reputational costs with events reported in the popular press every week.

If your company holds any client information, especially personal or sensitive, you are at significant risk.

A Cyber Liability  policy can help mitigate not only the potential financial impact of a data leak, loss or breach, but also the reputational impact and the IT impact because it combines traditional insurance cover with professional consultancy.

Coverage can include

Crisis Management

Crisis management to help safeguard and rebuild a company’s reputation following a cyber breach. Services include:

Covering the professional fees and expenses of independent advisors, who can prevent or mitigate the potentially adverse effects of a newsworthy cyber event.

Covering professional fees and expenses for services to mitigate potential damage to any individual’s reputation at the company (e.g. the Chief Information Officer.)

Covering the costs incurred notifying customers (or any relevant regulatory authority), that their data has been affected by a breach. We will also pay reasonable costs and expenses associated with identity theft education and credit file monitoring of those affected.

Financial Repercussions

Covering the damages & defense costs associated with a breach of personal or corporate data, whether caused by the insured or their outsourced data-handling firm.

Covering the loss of net profit as a result of a material interruption to the insured’s network, as a result of a security breach.

Covering the damages & defense costs associated with:

  • contamination of a third party’s data with a virus
  • an act or error of the insured resulting in an unauthorised third party accessing data
  • theft of a system access code by non-electronic means
  • theft of hardware containing personal data
  • a data disclosure resulting from the actions of an employee

Covering the damages & defense costs associated with:

  • reasonable professional fees for legal advice and representation in connection with a data protection investigation
  • insurable fines and penalties levied by a data protection regulatory authority

Covering ransom payments (extortion loss) to third parties incurred in terminating a security threat.

Covering the damages and defence costs incurred in connection with a breach of third party intellectual property, or negligence in connection with electronic content.