Cyber Liability Insurance

Cyber liability insurance, also known as cyber insurance or cybersecurity insurance, provides coverage for your business's liability arising from data breaches and other cybersecurity risks. As the use of the internet for transactions increases and technologies become more complex, so do the threats we face. Despite robust protections like firewalls and other security software, any company is susceptible to breaches of sensitive customer or employee information.

In the event of a breach, cyber liability insurance offers a strategic and effective way to mitigate the overall risk to your company.

Who needs cyber insurance?

Any business that creates, stores, or manages electronic data online stands to benefit from cyber insurance. This includes sensitive customer data such as contact numbers, sales records, personally identifiable information, and credit card details—all of which are prime targets for cybercriminals. E-commerce businesses, in particular, can benefit from cyber insurance, as downtime resulting from ransomware or other cyber-attacks can significantly impact financial stability.

Coverage typically includes:

  • Business Interruption: Losses due to network security failures or attacks, human errors, or programming errors.

  • Data Loss and Restoration: Covers decontamination and recovery of lost data.

  • Incident Response and Investigation Costs: Supported by a 24/7/365 multilingual incident reporting hotline and on-demand vendors.

  • Delay, Disruption, and Acceleration Costs: Arising from a business interruption event.

  • Legal Costs: Including costs from exercising contractual indemnity.

  • Crisis Communications: Expenses related to reputational mitigation.

  • Confidentiality Breaches: Liability arising from failure to maintain data confidentiality.

  • Unauthorized Network Use: Liability from unauthorized use of your network.

  • Extortion: Coverage for network or data-related extortion or blackmail (where insurable).

  • Online Media Liability: Covers legal liabilities arising from online content.

  • Regulatory Investigation Expenses: Costs associated with regulatory investigations.

Cyber liability insurance is crucial for protecting businesses in an increasingly digital world, offering peace of mind and security against a range of cyber threats.