The risk of a data breach, hack, or some kind of cybercrime is increasing every day, with the growing number of
connected
devices and systems. Not only can your business be at risk of a data security breach, but a cyber attack can
also have a domino effect on other parties, such as employees, customers, and suppliers.
Some insurance policies, such as a BOP (Businessowner's Policy) or a Homeowner's policy may have an endorsement
for Cyber Liability. However, coverage may be limited. We also offer standalone Cyber coverage from some of the
leading insurance companies worldwide that provide comprehensive coverage for a wide range of potential security
threats.
Below are some of the coverages you may find on a Cyber Insurance policy:
Cyber liability coverage can help to protect your business in case of cyber attacks, such as ransomware, data breaches, computer fraud, and more. In addition, many cyber liability companies offer programs that can mitigate the risk of a cyber attack by analyzing potential vulnerabilities and providing potential solutions to help make your business safer.
Below are some of the coverages you may find on a Cyber Insurance policy:
In case a data breach or cyber-attack impacts your business, you might find yourself
responsible for covering various expenses. These may include crisis management fees, the hiring
of a public relations firm to handle the incident, forensic analysis costs, expenses
for repairing and restoring computer systems affected by malware or trojans targeting business
software and data, and financial losses stemming from disrupted business income due to the cyber
attack.
First party coverage helps with the costs associated with these impacts on your business, such as crisis management, conducting a thorough forensic analysis, and helping with business income loss to maintain financial stability during recovery.
Keep in mind, all cyber policies are unique and some coverages may not be available.
First party coverage helps with the costs associated with these impacts on your business, such as crisis management, conducting a thorough forensic analysis, and helping with business income loss to maintain financial stability during recovery.
Keep in mind, all cyber policies are unique and some coverages may not be available.
Cyber liability third party coverage is designed to protect businesses
from the legal and financial consequences resulting from a data breach or cyber incident. Unlike
first party coverage, which focuses on a business's internal costs, third party coverage extends
its reach to
external entities affected by the breach.
Some Cyber insurance policies may provide coverage for business income lost due to business
interruption caused by a cyber-related incident. Business income in this case refers to revenue
that you
would have earned if the cyber incident did not occur.
Provides coverage for costs related to dealing with cyber extortion threats, including ransom
payments or costs associated with negotiating with cybercriminals. This is often a "sub-limit"
offered in a Cyber insurance policy.
Business Income Protection can cover loss of income and payment of expenses that continue
while
your business property is unusable. This product is strongly recommended, especially for
businesses whose properties are crucial to business operations. It may be available as an
endorsement on a policy.
This coverage safeguards against legal responsibilities stemming from online content, such as
claims of defamation or harm to the reputation of external entities.