Cyber Liability Insurance

 

Cyber Liability Insurance

Most businesses now rely heavily on computer software or systems to operate, handling everything from customer databases to fully automated manufacturing processes. This dependence on technology as a fundamental cornerstone of operations leaves businesses more exposed to cyber risks than ever before.

Additionally legislation such as GDPR (General Data Protection Regulation) introduced in 2018 brings with it onerous obligations in relation to data breaches and hefty fines for non-compliance. For example, organisations are required to notify a data breach to the ICO “without undue delay, and where feasible, not later than 72 hours” unless the breach is “unlikely to result in a risk to the rights and freedoms of natural persons”

For these reasons, as part of a wider cyber risk management strategy, a specialist Cyber Liability Policy is highly recommended.

There are various components of a Cyber Liability Policy to choose from and Champion Insurance Brokers can advise on the most suitable cover for your business. These components can include:

First Response
Provision of a team of IT specialists to immediately respond to a threat as it happens or immediately afterwards.  

Cyber Extortion
To cover the cost of ransom demands made by hackers to retrieve your data after a breach if the data cannot be recovered by any other means

Cyber Liability
To cover your business against claims from third parties or data subjects following a data breach.  

Business Interruption
To cover the lost revenue which results from the interruption to the business after a breach or attack.

Data Breach Notification Costs
To cover the costs involved in notifying relevant data subjects or authorities e.g. ICO (Information Commissioners Office)  

Information and Communication Asset Rectification
To cover the costs associated with recovering systems and data  

Public Relations
To cover the cost of hiring a PR agency to deal with the adverse publicity generated from a breach.

IT Forensics
Provision of an IT forensic team to establish the severity and identify the cause of a breach, so that control can be regained and the business can be protected in future.

Credit Monitoring
Ongoing monitoring of the credit worthiness of your data subjects for a period after a data breach, to ensure that their identities are not being used for fraudulent gains.  

Telephone Hacking
To cover the cost of the telephone systems being hacked and calls dialled out to premium rate phone numbers  

Computer Crime
To cover the direct financial loss suffered following an IT system breach e.g. your banking system is breached and money is transferred out of the business. 

If you wish to discuss how you can protect your business against Cyber-attacks and data breaches, please contact us today.

Contact Champion

 

Our team of chartered insurance brokers are available for a discussion, contact us on 03330 430 430.

Contact Champion

Our team of chartered insurance brokers are available for a discussion, contact us on 03330 430 430.

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