Cyber Liability
Any company storing information electronically faces the very real prospect of a hacker or even an employee, gaining unauthorised access to their data. And under GDPR legislation, a business is liable for the protection and privacy of it’s data, let alone the repuational damage that can be done.
Whether information is stored on a company server, individual PC, in the cloud, or on your company website, if a breach occurs, you will need the protection that cyber security insurance can offer to counter the impact this can have on your business.
What does cyber insurance cover?
- Data breach/privacy crisis management cover. For example, expenses related to the management of an incident, the investigation, the remediation, data subject notification, call management, credit checking for data subjects, legal costs, court attendance and regulatory fines.
- Multimedia/Media liability cover. Third-party damages covered can include specific defacement of website and intellectual property rights infringement.
- Extortion liability cover. Typically, losses due to a threat of extortion, professional fees related to dealing with the extortion.
- Network security liability. Third-party damages as a result of denial of access, costs related to data on third-party suppliers and costs related to the theft of data on third-party systems.
- Advice and support for your IT department including coaching on preventing any further breach in future
The support is provided by a cyber incident response team and policy holders also benefit from assistance after a data breach, to help restore systems and firewalls. To discuss cover further please contact our team today, where one of our advisers will be happy to discuss matters further.