Cyber Insurance

Description

Cyber risk is becoming so complicated and has so many kinds of ramifications on many businesses that it is impossible to provide, a one size fits it all, insurance product. The main cover protects an organization from security & privacy events by covering the cost to recover from a data breach, virus, or other forms of malicious cybersecurity activity.

We have developed, with our Partners and Lloyd’s underwriters, a ‘pick your own’ cyber policy concept in which relevant modules are selected according to the buyer’s specific risk and needs. This will offer our clients with specific policies that are precisely targeted to the particular cyber exposure of the business and the industry sector it belongs to.

Cyber Modules

Network interruption and recovery

covers a company’s own losses from network interruption or security breach.

Non technology and miscellaneous services

covers actual or alleged breach of duty error or omission in providing non technology services that are subject to cyber risk

Social fraud

covers loss of money or assets as a result of phishing or an electronic scam.

Electronic theft and computer fraud

covers the loss of money or assets following a security breach.

Network extortion

covers the cost of an extortion threat against the insured’s network.

Privacy regulatory defence

covers legal defence costs for regulatory action brought following breach of privacy regulations.

Multimedia liability

covers liability from advertising and intellectual property risks.

Professional Technology Services

covers actual or alleged breach of duty, error or omission in providing technology services

Reputational Damage

covers loss of business income from a loss of contract and reputational damage after network event.

Event support expense

covers the costs of mitigating adverse publicity after a network event (includes personal credit monitoring)

Security and Privacy liability

covers legal liability from failure to protect confidential information.

Coverage Details and Features

Standard Coverage includes:

  • Pre and post breach risk management services
  • Crisis management and brand re-establishment costs
  • Forensic costs
  • Cyber terrorism
  • Rogue employees
  • Worldwide jurisdiction
  • Voluntary notification
  • Reputational harm
  • Liability covers extend to providers and vendors
  • Full Prior Acts
  • Computer crime and fraud
  • Programming and human error

Additional coverage includes:

  • Vendors business interruption and data restoration
  • Contingent Bodily injury/Property Damage
  • Notification costs in addition to limit
  • Fines and penalties payment to payment card companies
  • General liability