Cyber Protection insurance is designed to protect your business from financial losses in the event of computer hacking or data breach. A comprehensive Cyber policy will cover both first party and third party losses. Cyber Protection policies vary in the benefits they provide but typically may cover:
Yes. A good cyber policy will provide 24/7 assistance. Insurers have incident response teams to manage cyber incidents and data breaches. They will assist you in managing the whole process from initial notification to resolution. IT forensic investigators will assist in stopping the breach and data restoration.
Yes. Many Cyber policies provide Business Interruption cover which will cover you for revenue losses, including increased costs incurred as a result of the attack.
Yes. A comprehensive policy will cover first-party and third-party losses, including breach of privacy laws and penalties imposed by regulators as well as legal costs in defending claims.
Generally not. These extensions vary but usually provide basic cover which may not cover business interruption or third-party losses. A comprehensive standalone policy is recommended.
An employee at a retailer ignored internal policies and procedures and opened a seemingly innocuous file attached to an email. The store’s stock order and cash registers malfunctioned and business was impaired as a result of the network failing.
The business incurred over $100,000 in forensic investigation and restoration services. They also had additional increased working costs of $20,000 and business income loss estimated at $50,000 from the impaired operations.