Learn everything you need to know about cyber insurance in our guide.
You've got questions, we've got answers.
What is cyber insurance?
Cyber insurance (also known as cyber liability insurance or cyber security insurance) is designed to protect businesses against the financial loss resulting from a range of cyber threats and exposures, including cybercrime, data breach and system interruption.
What does cyber insurance cover?
Cyber insurance primarily protects businesses against business interruption and financial losses caused by cyber events, cybercrime, and privacy breaches.
A good cyber insurance cyber insurance policy will also provide access to technical resources including IT security experts, forensic investigators, lawyers and crisis communications specialists who will help you manage the situation and get back online as quickly as possible.
Who needs cyber insurance?
Nearly every business in the world has a cyber exposure - whether they operate online, send or receive wire payments or process sensitive data.
Even small businesses have a cyber exposure - in fact, over 60% of cyber attacks target SMEs.
Explore the coverage areas in a typical cyber policy
Most cyber insurance policies consist of a variety of first and third party covers. Check out the major sections of our policy to learn more about what each part does:
This section of cover will generally pick up all of the costs involved in responding to a cyber incident in real time, including IT security and forensic specialist support, gaining legal advice in relation to ransom demands and breaches of data security and the costs associated with having to notify individuals that have had their data stolen.
This crucial section covers the costs of getting your data and applications repaired, restored, or recreated in the event that your computer systems are damaged as a result of a cyber event. It also reimburses the loss of profits as a result of interruption to your operations caused by a cyber event or prolonged system downtime.
Employees at businesses of all types and sizes may not know what to look out for when it comes to phony links or possible malicious files. Clicking or downloading these can lead to a range of issues including extortion, where hackers threaten to expose data that they’ve accessed, and social engineering, where attackers imitate someone to steal money.
This section covers third party claims arising out of a network security or privacy event, be it your transmission of harmful malware to a third party’s systems or failing to prevent the theft of personal data. This section also covers regulatory and PCI fines, penalties and card brand assessments which is particularly important for retail businesses.