The cyber threat landscape continues to evolve as technology advances and more businesses choose to operate online.
If a cyber criminal successfully steals funds or there is an inappropriate release of senstive and personal information such as customer/employee records or credit card details into a public domain, this can not only threaten your balance sheet but intellectual property, client trust and reputation too.
There are 2 main cyber insurance policy types/extensions:
Cyber Crime Insurance
A typical Cyber Crime Policy (or Cyber Crime Policy Extension) will provide cover for:
- Theft of money as a result of a cyber crime event, for example social engineering fraud, phishing, phreaking or other forms of cyber fraud involving loss of money.
What are the policy limits?
- Limits available are generally up to $250,000. Limits above this will typically require a more comprehensive risk analysis and underwriting assessment.
Cyber Liability & Privacy Protection Insurance
A typical Cyber Liability and Privacy Protection Policy will provide cover for:
- First (own) costs and expenses (excluding theft of money) as a result of a Cyber event, or breach of privacy as defined by the Insurers policy wording.
- Fines and penalties incurred as a result of a cyber event, or breach of privacy, as defined by the Insurers policy wording.
- Business interruption/consequential loss (excluding thedt of money) as a result of a cyber event, or breach of privacy as defined by the Insurers policy wording.
- Third party costs and expenses (excluding theft of money) as a result of a cyber event, or breach of privacy as defined by the Insurers policy wording.
What are the policy limits?
- Limits available are generally up to $10,000,000. Limits above this will typically require a more comprehensive risk analysis and underwriting.
For more information or to arrange Cyber Insurance for your business, Contact Us today or click below to fill out a Cyber Insurance application form.
Cyber Insurance Application Form
