What is Cyber Insurance?
Cyber Insurance helps protect your business in the event of a cyber breach or attack. It's also recommended to include Cyber Crime Coverage, which safeguards against deception leading to money or goods transfer and incidents like telephone system hacking.
Does my business need Cyber cover?
Yes, Cyber Insurance is essential. Even with the best IT security you're still vulnerable to attacks and no level of IT security can prevent human error. Protect your money, reputation, business continuity and avoid regulatory fines.
Data breaches can occur in various ways, not just through hacking. Simple mistakes, like leaving an unencrypted laptop on a train or improperly disposing of confidential waste, can also lead to breaches.
What does Cyber Insurance cover?
Each product varies but a typical policy will cover: Breach Costs, Cyber Incident Response, Client Notification and Credit Monitoring, Regulatory Costs, Forensic Costs, Hacker Damage, Business Interruption, Reputational Harm, Privacy Liability, Extortion, IP rights infringement, Defamation, Property Damage. If Cyber Crime Cover is also selected this would cover theft of funds, Social Engineering, Phishing, Fund Transfer Fraud, Telephone Hacking, Corporate Identity Theft.
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