Cyber Insurance

While the Technology Revolution has brought with it very high levels of convenience and choice to millions of people across the globe, It has done the same for the criminal world! As a result, individuals, businesses and professionals face some very serious cyber world risks the likes of which they have never faced before and Cyber insurance has become very well needed!

Cyber Insurance Cover Specifics

Incident Response – Most policies provide an incident response service which can be invaluable in the event of a loss. It incurs costs involved responding to a cyber incident in real time, including IT security & forensic specialist support, gaining legal advice in relation to breaches of date security & costs to notify individuals that had their data stolen.
Cyber Extortion – This section covers costs incurred in responding to fraudsters attempting to extort money out of an Insured by either threatening to expose or destroy date after compromising the victim’s network.

System Damage – This section covers the costs for an Insured’s data and applications to be repaired and restored if their computer systems are damaged as a result of a cyber event.

System Business Interruption – This cover aims to reimburse loss of profits and increases costs of working as a result of an interruption to a business operation caused by a cyber event.

Network Security & Privacy Liability – This covers third party claims arising out of a cyber event, be it transmission of harmful malware to a third party’s system or failing to prevent an individual’s data from being breached.

Regulatory Fines – This will cover the cost of certain fines and penalties that a regulatory board might enforce on an organisation as a result of them having suffered a data breach.