An introduction to Cyber Liability Insurance Cover
Are you a small business owner?
If your company retains or stores sensitive personal data, your company could be financially ruined if that data is compromised. Consider for example 80% of your company’s sales are via credit card and hackers gained access to your company’s computer system. Privacy is breached, $1,750,000 is incurred for the forensic and legal costs in defending the investigation brought by the regulator and costs associated with notifying the affected individuals including providing credit monitoring services.
You might think that’s a worst case scenario, but what if the hackers held you ransom with all your company’s data in exchange of a large cash payment. Could you afford to pay these costs? Also, don’t forget the loss of business while your website is down, dealing with this situation.
Data breaches are now a fact of life, but how can you better manage the risks related to a data breach and reduce the significant cost that can result from them? One options is to buy Cyber Liability Insurance.
Cyber Liability Insurance Cover can include:
Breach Costs – payment for the costs associated with responding to a breach of personal information, by the Insured or anyone acting on behalf of the Insured (including subcontractors)
- Forensic investigations (including PCI forensic report)
- Notification costs (individuals and regulators)
- Credit monitoring services
- Call centre costs
- PR costs
Cyber Business Interruption – Compensation for lost or reduced revenue.
Cyber Liability – Liability cover as a result of content in email, on the intranet, extranet or website. Including alternations and additions made by a hacker.
Hacker Damage – Reimbursement for costs to repair, replace or restore systems and data as a result of a hack. Hacker includes an employee of the Insured.
Cyber Extortion – Payment of ransom demands, and specialist consultant fees, where a hacker holds, or threatens to hold your website, extranet, intranet, network, programs or data to ransom.
For more information, read our Cyber Liability Article: MIB Cyber Liability Article
How do I apply for cover?
Click the below link and complete the quote form in order to obtain a quote.