Cyber & Cyber Crime Insurance

Cyber Insurance

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.

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