CYBER

Cyber Insurance is also known as “Cyber Liability” and “Cyber Protection”, amongst other similar names.

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In this day and age, it is almost impossible to do business without the use of the internet, computers or some form of information technology. This means that we are all susceptible to a data breach. As the number of reported breaches continue to escalate, it is more important than ever to safeguard both yourself and your client’s data. Some examples of common cyber events are:

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• A hacker ransoming your data

• Theft or loss of your electronic equipment resulting in a data breach

• An employee accidentally opening a link, releasing a virus

As more insurers are introducing Cyber Insurance products, it’s important to be aware of the cover that they provide, as not all Cyber cover is created equal. A quality cyber policy should cover:

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• Costs arising from claims from third parties

• Costs incurred by the insured party as a result of responding to the breach

• Business interruption costs and expenses

• Fines and investigations costs as a result of the breach