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