It is almost impossible for any business to function without connecting to the internet. Furthermore, the reality of today is that most us walk around with a phone or device that can connect to the internet and you’ve got a veritable hotbed of opportunities for cyber criminals. The commercialisation of cybercrime has dramatically increased the occurrence and severity of cyber-attacks on businesses regardless of size.

Target industries include retailers, manufacturers and distributors, hospitality risks and a wide range of profes­sional services providers.

Data Breaches

A data breach means a breach of security leading to the accidental or unlawful destruction, loss, alteration, unauthorised disclosure of, or access to, personal data or confidential information transmitted, stored, or otherwise processed on your computer systems or the computer system of a service provider.

Cyber Incidents

A cyber incident is a malicious act, malware, human error, DoS attack, theft of data, having an impact on your computer system or the computer system of a service provider or a reasonable suspicion of the same.

Cyber policies generally provide a mixture of first- and third-party coverage although not all extensions are as important to every business.  The insured can obtain a tailored solution specifically for their business.

• IT Security & Incident Reponses
• Cyber Liability
• First Party Expenses
• Loss of Business Income
• Crisis Management Expenses
• Regulatory fines and penalties
• Multimedia liability
• Cyber Extortion & Data Ransom Demand
• Theft of Funds
• Notification Expenses

Data Breach Response

Covering expert investigator costs, expenses for notifying affected parties/data subjects, credit and identity theft monitoring costs, public relations expert costs, legal defence expenses in response to regulatory actions.

Administrative fines

Reimbursement of legally insurable fines and penalties imposed by a supervisory authority following a data breach.

Restoration

Reasonable and necessary costs of restoring data and software after a data breach.

Business interruption

Payment of lost net profit because of interruption due to a cyber incident.

Cyber extortion

Reimbursement of ransom amounts and other costs paid to resolve a cyber extortion event.

Cyber crime

Reimbursement of funds that have been illegally taken because of cybercrime.

PCI-DSS

Specified costs cover and reimbursement of fines or penalties levied by a payment card brand following a breach of Payment Card Industry Data Security Standards caused by a cyber incident.

Confidentiality and privacy liability

Damages, settlements, and legal defence costs arising out of claims by third parties or employees relating to confidential or personal information following a data breach.

Network security breach

Legal defence costs, damages, or settlements where a third-party claim is made for a data breach, theft of data or DoS attack caused by malicious act or malware emanating from the insured’s computer systems.

Media liability

Legal defence costs, damages, or settlements where a third party alleges defamation, breach of copyright (including breach of title, slogan, trademark, trade name, service mark, service name, domain name), breach or interference of rights to privacy — resulting from online media activities.