Cyber Liability Insurance

//Cyber Liability Insurance
Cyber Liability Insurance2017-08-24T11:30:25+00:00

With over 30 years’ experience within the insurance industry and servicing health and medical professionals for over 15 years, Professional Essentials are true experts in cyber liability insurance.

What is Cyber Risk Insurance?

Cyber risk, or cyber protection insurance is a relatively new form of cover. It is designed to help protect your business from the financial impact of computer hacking or a data breach.

To help explain cyber insurance, Steadfast have partnered with Kochie’s Business Builders to produce this short explainer video.

Why do I need it?

If your business has a website or electronic records, you are vulnerable to cyber hackers. In fact, it is likely that your business will suffer a cyber attack at some stage. A cyber attack could cost your business more than money; it could also threaten your intellectual property and put customers’ personal information at risk – which, in turn, could damage your reputation.

It is therefore vital that you protect yourself with a robust cyber security insurance policy from a reputable provider.

What can it cover?

Cyber crime insurance policies vary in the benefits they provide.

At Professional Essentials, we will draw upon our expansive industry knowledge and take the time go gain a solid understanding of your requirements, to find the best solution for your business. We will tailor a cyber liability insurance policy to your specific requirements, providing the best possible cover at the best price.

To give you an idea, here’s the type of cover that your policy may include:

Type of CoverPotential Benefits
FIRST PARTY LOSSES
Business interruption lossesCovers financial loss you may suffer as a result of a cyber attack
Cyber extortionThe cost of a cyber attack, such as hiring negotiation experts, covering extortion demands and prevention of future threats
Electronic data replacementThe cost of recovering or replacing your records and other business data
THIRD PARTY LOSSES
Security and privacy liabilityDamages to your reputation resulting from data breaches, such as loss of third party data held on system
Defence costsFunds the legal end of the costs of defending claims
Regulatory breach liabilityLegal expenses and the costs of fines arising from investigation by a government regulator
Electronic media liabilityThe costs of copyright infringement,defamation claims and misuse of certain types of intellectual property online
EXTRA EXPENSES
Crisis management expensesProvides cover for the costs of managing a crisis caused by cyber hackers
Notification and monitoring expensesThe cost of notifying customers of a security breach, and monitoring their credit card details to prevent further attacks

 

What usually isn’t covered?

Exclusions and the excess you need to pay can vary greatly depending on your insurer. Policies generally won’t include cover for:

  • Damage to computer hardware • Criminal actions committed by you or your business • A cyber attack based on facts of which you were aware • Criminals using the internet to steal money from you

Don’t wait until it’s too late – contact us today. We can explain how the cover works, and help you decide the right level of cover for your business.