What is Cyber Protection Insurance?
Cyber Protection Insurance is a relatively new form of cover. Its designed to help protect your business from the financial impact of computer hacking or data breach.
Why do I need it?
If your business has a website or electronic records, you’re vunderable to cyber attacks. In fact, it’s likley that your business will suffer a cyber attack at some stage.
A cyber attack could cost your business more than money. It could also threaten your intellectual property and put customers’ personal information at risk – which could damage your reputation.
What can it cover?
Cyber insurance policies vary in the benefits they provide.
Your steadfast insurance broker can help you find the most suitable product that meets the needs of your business. To give you an idea, here’s the type of cover your policy may include:
First Party Losses
- Business interruption losses
- Cyber Extortion
- Electronic data replacement
Third Party Losses
- Security and privacy liability
- Defence costs
- Regulatory breach liability
- Electronic media liability
- Crisis management expenses
- Notification and monitoring expenses
What usually isn’t covered?
Exclusions and the excess you need to pay can vary greatly depending on your insurer. Policies generally won’t include cover for:
- Damage to computer hardware
- Criminal actions comitted by you or your business
- A cyber attack based on facts of which you were aware
- Criminals using the internet to steal money from you.
There are other exclusions which your Steadfast insurance broker can outline for you.