Understanding your policy
Most cyber insurance policies consist of a variety of different coverage areas that work together to provide retailers with a broad and affordable cyber insurance solution. Check out the major sections of cover in 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 breaches of data security, and the costs associated with having to notify any 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.
Retailers have a relatively young workforce who may be more likely to click on phony links or mistakenly download malicious files. Successful attacks of this kind lead to a range of issues including cyber 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.
All of this is backed up by best-of-breed risk management services and expert cyber claims handling. Learn more about our cyber solution.
Over 40,000 businesses in 60 countries around the world trust CFC for their cyber insurance. Are you ready to join them?
5 out of 5 stars
“For the SME client looking to protect themselves against cyber attacks and crime/social engineering fraud, the CFC policy
offers excellent coverage and good value.”