Cyber and Data Security Insurance
Cyber and Data Security Insurance
Cyber Insurance is a relatively new cover in the insurance market. This covers your business in the event that your computer systems are compromised by a malicious effort. The cover is designed to immediately ringfence and restore affected systems i.e. calling upon specialist IT responders to restore and protect your assets. We can also build in a Business Interruption section to take care of lost revenues. Cyber Insurance will also manage specific liability from the fallout – be it from privacy breach liability, cyber extortion etc. Legal consultants will be available to assist with this. The policy can also provide for public relation consultants to restore reputational damage from any fallout.
Covers these days are also going the extra mile. They are no longer just structured to respond when an attack happens. They are pro-actively structured to assist with ongoing protection. This can be through awareness programs as well as cyber hygiene checks in collaboration with insurers.
Usually businesses with massive amounts of data are targeted. However, anecdotal evidence also points to increasing attacks on small and medium size businesses where the intention of the attack is often to extract a ransom payment by paralysing the target’s computer systems.
A Cyber cover has complementary covers that one should consider. Crime Insurance and Professional Indemnity insurance are two such covers. Sometimes a criminal attack on a business impacting information technology can be conflated to be a Cyber attack. For example, if an employee unwittingly reveals passwords to a third party and this is used negatively against the company, that falls under Crime Insurance. We can either extend the Cyber cover to take care of such situations or pair it with a standalone Crime Insurance policy.
Especially for technology companies, a Professional Indemnity cover should also be considered. If a weakness in your computer systems results from a professional mistake which in turn leads to a Cyber attack, your business will benefit by having a Professional Indemnity cover paired with your Cyber Insurance cover. This will remove any possible fault lines or grey areas in coverage.
Let us understand your needs further and we will be able to advise a cost-effective solution.
