What you need to know about Cyber Liability Insurance

– Debbie Smart (Director, Cornerstone Insurance Brokers)

Many organisations believe that their firewalls and anti-virus programs provide them with sufficient protection against cyber risks such as viruses and hacking. The shocking reality is very different, every day more people and organisations fall victim to cyber-attacks.

Cybercrime is defined as any criminal activity involving a computer or network. It is the unauthorised access to interference with, fraud and forgery of data.

The effect of a cyber-attack could be devastating to any business. Network downtime, loss of important data and loss of credibility when customer information is compromised, also the litigation that could follow if the hackers were to use that information to loot customer’s bank accounts.

Cyber Liability insurance is designed to cover liability arising from online publishing (such as a website). It also provides a form of cover for specialised business interruption which covers the loss of income arising out of computer downtime and:

  • Liability following a breach
  • First party expenses – actual costs to restore, recollect or replace data, costs, and expenses of specialists, investigators, forensic auditors or loss adjusters
  • Cost and expenses for the use of rented, leased or hired external equipment, services, labour, premises or additional operating costs including staff overtime
  • Loss of business income
  • Notification expenses
  • Crisis management expenses
  • Communication expenses
  • Associated regulatory fines and penalties to extent insurable by law
  • Entire incident response team

Contact us to find out how we can assist in obtaining your quotations for your Cyber Liability and in doing so reduce your business exposure to such attacks.

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