What is Cyber
Cyber insurance, also often referred to as Network Security and Privacy Liability, protects your business from claims as a result of information security related threats. An ever increasing emphasis is placed on securing systems and the data businesses collect. A breach or loss of such data can result in significant consequences to a businesses reputation and even ability to trade. Cyber insurance assists policyholders to:
1. transfer the risk and associated costs of these exposures, and
2. manage the response to such an event.
Cyber insurance is a key solution to help you manage these threats and your business.
Why do you need Cyber
Cyber liability insurance coverage gives your business protection from the risks you face through external threats. These threats are increasingly threatening business operations across all segments of the economy. While major data security events impacting millions of individuals and records are highly publicized, small businesses are increasingly targeted due to weaker security.
Insurance solutions should include first-party coverage against losses such as data loss or destruction, extortion, funds transfer loss, hacking, or computer attacks. Third-party coverage is typically also covered for losses caused to others by failure to safeguard data or defamation, public relations, or investigative expenses.
- Data breach response
- Notification costs
- Business interuption
- Income loss and extra expense
- Social engineering
- Cyber crime
- Privacy liability
- Network security liability
- Media liability