Cyber Insurance

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About Our Cyber Insurance

This type of insurance covers any losses relating to damage or loss of data from any IT systems and online or offline networks.

Why do I need cyber insurance?

Businesses nowadays rely on information technology in some form or another, but this does present a certain amount of risk in terms of data protection. The loss or damage of information can lead to costly management and repair and even business interruption.

With this in mind, it’s essential to attain an insurance cover that protects your business from these types of incidents. Cyber insurance covers you against these cyber risks. An increasing number of companies recognise the importance of these policies to supplement their existing covers.

If you:

  • Keep sensitive customer data such as names and addresses or banking information
  • Rely greatly on IT systems and networks to run your business
  • Process any payments

What does it cover?

Cyber insurance will cover any losses related to the damage or loss of data from your business’ IT systems and networks. Above compensation, policies tend to focus on managing the issue to help support you through often very complex incident management.

Cyber risks tend to fall under two main categories – first-party and third-party.

First-party covers:

  • Loss or damage to any digital assets like software
  • Business interruption compensation from network outages
  • The cyber exhortation in which a third-party threatens to damage or data breach unless they receive money
  • Notification expenses to customers in the event of a data breach or loss of information
  • Digital theft

Third-party includes:

  • Loss of third-party data, including the payment of compensation to customers, affected
  • Privacy and security breaches and investigation costs associated with them

If you suffer a cyber breach, cyber security is a fantastic asset to call upon to help you manage the breach, secure data, and cover the compensation due to customers and courts.

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