Cyber Liability Insurance is fast becoming a must-have for all businesses. Almost every company relies on computer systems for some aspect of running their business whether it’s customer data storage, office applications, payroll or email. As our reliance on technology increases so too do the associated risks.
Cyber risk, in all its different forms, poses a very real threat to the financial performance of businesses. Cyber Liability policies can cover both losses sustained by your own business and liability for damages claimed by a third-party.
Risk Exposures include:
• Hacker damage
• Cyber Extortion
• Cyber Business Interruption
• Theft of Money and loss or damage to digital assets
• Loss of third party data
• Investigation following privacy breach
• Customer notification expenses
• Reputational damage
What does the insurance cover?
The Cover in Brief:
• Immediate response from experts within 1 hour of notification of an incident
• Deployment of IT Forensics – provided by KPMGs Response
• Legal Response & PR Consultancy – to contain reputational damage
• Costs of notifying those people affected
• Insurable fines and penalties by data protection regulator
• Network Interruption – loss of net profit – optional
• Cyber/Privacy Extortion – response and ransom payments – optional
• Digital Media Liability – breach of intellectual property rights – optional
Defence costs and damages for:
• Breach of personal or corporate data
• Contaminating someone else’s data with a virus
• Theft of systems access code
• A negligent act or error by an employee
For a Cyber Liability quotation please click HERE
If your business is FCA regulated, please click HERE for a copy of our application form.