CYBER INSURANCE
Cyber risk is now a core business risk
Cyber threats are evolving at pace, and the impact on businesses can be significant
A single cyber event can disrupt operations, compromise sensitive information, and create significant financial and reputational challenges.
Designed to address the evolving nature of cyber exposures, standalone cyber insurance combines comprehensive coverage with immediate access to specialist support. The result is a solution that helps organisations navigate incidents with confidence and return to business as quickly as possible.
Key coverages
First party coverage
- Breach event costs: coverage includes the reasonable costs of IT forensics, legal advice, public relations and crisis management support in the event of a system security breach and/or privacy breach.
- Business interruption: protects your business against lost income and ongoing operating expenses resulting from a non-physical trigger, such as a malicious attack, an admin error and/or voluntary shutdown of the network.
- Cyber extortion: coverage to reimburse costs associated with managing and resolving a ransomware, including ransom payments where appropriate.
- Digital asset loss: includes costs to replace, recreate or restore digital assets that have been damaged, destroyed, altered, misused or stolen as a result of a system security breach or internal administrative error. Digital assets refers to electronic data, software and firmware inside a computer.
- Reputational harm: coverage for lost income resulting from adverse media coverage following a data breach, system security breach, violation of privacy laws, digital asset loss, or business interruption event.
- Computer hardware replacement costs (or bricking): covers reasonable and necessary costs of replacing computer hardware that has become unusable as a result of a system security breach with identical or commercially equivalent equipment. Physical loss to computer hardware is not covered by this policy.
Third party coverage
- Privacy liability: if a privacy breach leads to legal action, coverage can help protect your organisation against claims, damages and associated legal defence costs.
- Privacy regulatory liability: with increasing regulatory scrutiny around data protection, coverage can help respond to investigations and regulatory actions, including certain fines, and penalties where insurable by law.
- System security liability: protects you against legal liabilities to pay damages arising from a system security breach.
- Media liability: coverage protects against legal and contractual liabilities arising from a wrongful act in connection to the creation, publication and distribution of content in either online or printed format.
- PCI DSS liability: If a privacy or system security breach results in a PCI DSS assessment or fine, coverage helps protect you against the associated financial impact. This includes direct monetary fines, fraud recoveries, card reissuance costs and operational reimbursements.