Cyber Liability
Cyber insurance provides cover for financial loss and expenses caused by a cyber event. This includes cyber attacks from malware or other invasive software, cyber extortion and social engineering.
Cyber Liability
Cyber Insurance is broken up into three key components:
cover for the Insured’s liability to third parties from a failure to keep data secure, such as claims for compensation by third parties, investigations, defence costs and fines and penalties from breaching the Privacy Act.
reimburses the Insured for costs they would incur to respond to a breach, such as costs of IT forensics, credit monitoring, public relations and cyber extortion (including ransom payments to hackers).
reimburses the Insured for loss of profits resulting from the breach and any additional necessary expenses incurred to continue business as usual.
Typical Cyber cover includes:
- Privacy and breach notification, and crisis management
- Privacy and security liability
- Cyber extortion
- Business Interruption – Loss of profits and operational expenses
- Data recovery and system damage
- Regulatory defence and fines
- Media Liability
Additional cover is available for extra premium:
- Social engineering and funds transfer fraud
- Contingent Business Interruption
- Payment card data security liability