Cyber Liability and Crime Insurance
CYBER LIABILITY AND CRIME
Cyber threats are becoming a key risk and there is a growing need for businesses to ensure they are protected against these threats.
The insurance market has responded and cyber insurance is now more widely available. The need will increase as the risk is likely to increase. The understanding of the risks will also increase as local and more high profile national incidents receive media attention. Further, there is likely to be a greater contractual obligation over time to prove protections through supply chains.
Rather than be viewed as a simple insurance product, the market solutions are providing a service. Whilst there is access to an insurance product, there is increasingly access to cyber loss prevention services and crucially 24 / 7 access to an incident response. Few businesses would have the technical and financial resource available to effectively respond immediately post breach.
What can typically be covered under an insurance policy:
- Data Security Breach response
- Virus, Hacking and Denial of Service Attack
- Cyber business interruption
- Unauthorised Telecommunications Services
- Network security liability
- Data Privacy and Confidentiality liability
- Payment card industry liability
- Multimedia liability
- Funds transfer fraud
- Social engineering fraud
- Unauthorised use of computer equipment