A quick look
Data and the protection of it are so important nowadays that every precaution should be taken to make sure that it is as safe as possible. But Data Breaches do happen and that is where one would benefit from having a Cyber policy in place. Whilst all the attention is on high profile companies that suffer a breach like British Airways, Marriot International, Yahoo and eBay to name but a few, small businesses are increasingly becoming targets for this criminal activity.
We deal with most of the market leaders in Cyber Insurance in the UK. So, what are the benefits of a Cyber Policy?
Cyber Business Interruption:
If you suffer an attack, your insurer will cover your loss of income up to the policy limit during the period of downtime and possible even beyond.
This part of the policy will provide a dedicated team of cyber breach
specialists who will help you at every stage of incident investigation and breach response. They coordinate the carefully vetted forensics experts and specialised lawyers to help you establish what’s been compromised, assess your responsibility and notify those individuals affected.
This protects your business from damage inflicted by a hacker on digital assets. In particular it provides protection against the loss, corruption or alteration of data as well as the misuse of computer programmes and systems.
Cyber Ransomware and Extortion:
A hacker takes down your website and computers and won’t release them. This section of a policy will provide cover for a reimbursement of the ransom amount demanded by the attacker as well as any consultant fees to oversee the negotiation.
More and more common are instances of E Crime. A fraudulent instruction, a request for funds transfer, and even some forms of telephone fraud, can all be covered under a cyber policy.
The policy would cover the costs arising from a breach. This could be, notifying customers of a breach, costs of P.R. advice to mitigate the loss, IT forensic costs and any legal fees and costs of responding to regulatory bodies
This protects a business in the event that your digital media presence leads to a party bringing a claim against your business for libel, slander, defamation or the infringement of intellectual property rights. This is especially important for companies that rely on the transmission of digital data via email, a website or a large social media presence.
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