Why do you need cyber insurance? Cyber-crime is one of the fastest growing crimes in the world and can strike anytime, anywhere and any device. In the digital economy, any organisation that operates a website or holds information in an electronic format is vulnerable to cyber-attack and data breaches, whether deliberate or accidental.
Cyber-crime brings many damaging implications to companies. The cost to pay ransoms, repair, replace or unlock your infrastructure can rapidly become expensive. You may be held responsible for reporting the breach, responding to legal claims and repairing losses experienced by customers, supplier and employees.
With a growing amount of legislation governing protection and privacy of personal data, such as the European Union’s General Data Protection Regulation (GDPR), you may face statutory fines. Your business may be forced to slow, or halt, operations until the incident has been fully resolved, resulting in lost income and customers. Your company’s reputation, customer data and intellectual property could also be placed at serious risk.
Cyber insurance is intended to help cover financial losses to your business, customers and other related parties in the aftermath of a cyber incident. Cyber insurance covers a wide range of internet-based risk and risk specific to information technology (IT) infrastructure and operations.
Our cyber insurance policies can be designed from a comprehensive range of options tailored to amplify protection for your data, systems and infrastructure, including:
- Point of sale intrusion, which cover attacks against your IT infrastructure where purchases are made using a payment card.
- Cyber extortion, which covers an attack or threat of an attack against your IT infrastructure and/or demand for money to release access to your IT infrastructure and/or data.
- Miscellaneous errors, which covers unintentional mistakes by individuals in your business.
- Cyber espionage, which covers unauthorised network access.
- Denial of access, which covers your IT infrastructure if access is intentionally unavailable.
- Physical theft or loss, which covers an incident where your IT infrastructure is lost or stolen.
- Mis-use of inside privileges, which covers unapproved or malicious use of an organisation’s resources by an employee or contractor.
- Web application attack, which covers your IT infrastructure against web application exploitation.
- Payment card skimmers, which covers the event where a skimming device is implanted into your IT infrastructure to collect data from a payment card.
- Crimeware, which covers against the threat of malware attack to your IT infrastructure, hardware, operations and data.
Contact us for expert advice on how our cyber insurance policy options can help safeguard your company, infrastructure, customers and data against the unexpected.
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