Most business’s in the 21st century will rely on information technology (IT). Most business will have a website and use email at the very least. Cyber insurance covers your business for losses arising from damage/loss of company information from your IT network systems.
Cyber risks fall into 2 categories:
First-party Cyber Insurance may include:
· Loss or damage to digital assets such as data or software
· Business interruption from the company downtime
· Cyber exhortation where threats to damage or release data if money is not paid to the criminals
· Customer notification expenses when there is a regulatory requirement to notify them of a security or privacy breach
· Reputational damage arising from a breach of data that results in loss of intellectual property or clients
Third party cyber insurance may include:
· Security and privacy breaches, and the investigation, defence costs and civil damages associated with them
· Multi-media liability, to cover investigation, defence costs and civil damages arising from defamation, breach of privacy or negligence in publication in electronic or print media
· Loss of third party data, including payment of compensation to customers for denial of access, and failure of software or systems
As a specialist Cyber Broker, we are also able to offer businesses penetration tests, to enable our clients to pin point “weak spots” in company network infrastructures. this it turn reduces the chance of a successful attack against the business and can also reduce Cyber Insurance Premiums!