Key areas of cover

• Data Breaches & Cyber Liability

  Covers Information Security and Privacy Liability; costs provided may include forensic costs, legal fees (defence costs and costs of liability claims resulting from the loss of intellectual property and/or a breach of confidential information) and the cost of data subject notification.

  Just two simple examples of situations which may give rise to a claim:

  • By selecting the wrong spreadsheet, an employee could inadvertently distribute personal, sensitive data, thus breaching terms of privacy.
  • By accidentally leaving a laptop on a train, employees’ or customers’ personal, sensitive data could be compromised.

  Both are examples of data breaches and could result in financial claims being brought by third parties against your business.

• Business Interruption

  Covers may include loss of income, reputational damage, increased costs of working and outsourced service provider interruption.

  The following scenario provides an example which could give rise to a claim:

  • An attack on your hosting service provider which disables your business website and causes you to lose business. Business interruption cover will help you recover your losses.
• Hacker Damage

  If your system is hacked as a result of an unidentified vulnerability and data is stolen, you could be accused of not effectively managing and suitably protecting your network and individuals’ or businesses’ data.

  Insurance will protect you against the cost incurred. Protection may also include any damage to computer systems and programmes or corruption or loss of data.

• Cyber Extortion

  ‘Ransomware’ is a type of software often used to extort money from businesses. Systems are blocked and access to data is hindered until a ransom is paid.

  Insurance can help protect your business against this growing threat. Fees for the support of expert negotiators and payment of any required ransom demand may be covered by policies.

• Data Asset Loss & Data Restoration

  Data is one of the most valuable assets a company can have. You can protect your business against loss of data or the costs associated with re-keying and/or restoring data by purchasing appropriate insurance cover that guards against data asset loss and data restoration – including decontamination and recovery.

• Media Liability

  An internal email is errantly released to an external individual. It contains negative comments about a third party organisation. Action is taken for defamation by the third party against your business. Media Liability is designed to help cover the costs.

• Crisis Communication Expenses

  Cover can include the cost of employing legal, IT and Public Relations services. A Public Relation company to manage and minimise the reputational risks of your brand in the event of a data/security breach or cyber-attack.