Cyber liability insurance is a fairly new type of insurance. Many businesses will be under the threat of cyber attacks but unaware of the protection available.
As technology advances so do the risks to your business. Some businesses will already have suffered from a virus, hack or data breach.
Over the last few years cyber liability insurance policies have developed. The policies now offer a range of essential covers which can protect your business.
Some of the cover available under a cyber liability insurance policy includes:
Cyber liability, privacy liability, first and third party privacy breach
Comprehensive cyber crime cover including phishing scams, telephone hacking,
identity theft, wire fraud and cyber extortion
Consequential reputational harm cover which gives direct protection for loss of net
revenue as a result of a security breach or denial of service attack
Cover for data held ‘in the cloud’
Comprehensive multimedia liability, protecting against claims for
intellectual property rights infringement relating to all forms of
content, including user generated content
Cover for regulatory actions and investigations
Technology errors and omission
Court attendance costs
Crisis communication costs
There have been many cases of cyber crime in the news. One international company who specialise in games consoles suffered a £113 million loss. Hackers accessed their system and stole 77 million customers private information.
Do I need Cyber Liability Insurance ?
If you use the internet, email, mobile or cloud technology to operate your business then you should certainly consider it. For example if your website was hacked and permanently damaged would you want to foot the bill. Every day business websites are being damaged by hackers at great cost to the owners. Many cyber liability insurance policies cover the rebuild of your policy.
To find out if a cyber liability insurance policy is suitable for you please give us a call.