Most businesses purchase fire insurance of some description. Businesses are acutely aware of the impact a fire could have on their operations.
A fire can easily lead to a business being unable to recover, especially if a business has not purchased Business Interruption Insurance.
What would you do in the event that your data had been destroyed in a virus attack?
Much like business interruption (BI) cover, benefits of Cyber Event Protection cover provides for a reduction in revenue and the associated costs to manage the impact of a Cyber Event.
Why is Protection needed?
Cyber security is a growing concern for businesses. Protecting all elements of your IT infrastructure such as – hardware, software, networks and facilities against a cyber event is a business risk worth mitigating.
Because of the global interconnectedness and exponential growth of web enabled devices, social media, and the related increase in cyber criminal and activist behaviour, the risk of cyber attacks and data breaches is growing fast.
With the increasing severity and frequency of breaches, the need for cyber insurance is growing.
It doesn’t matter what the size of your business is. Handling customer or transaction data, you run the risk that a data breach could give rise to a material financial cost to your business or significant costs relating to third party claims.
What am I Protected Against?
Cyber Event Protection responds to the following cyber events:
How am I Protected?
Cyber Event Protection teams are experts in their field and are designed to respond immediately to the potential threats to your business.
They manage the process on your behalf and keep you informed.
This give you peace of mind that cyber experts are controlling the response and minimising the impact to your business.
What is Covered?
Cover: Losses to your business
What is Covered: Costs and revenue replacement cover
Examples: Business Interruption, Cyber investigation expenses
Cover: Loss to others
What is Covered: Sums payable including regulatory fines, penalties and defence costs
Examples: Breach of privacy laws, Fines and Penalties
Cover: Cyber event response costs
What is Covered: Costs incurred through event response and management services
Examples: Credit and identity monitoring, Customer notification costs, Data restoration and securing costs
Cover: Contingent business interruption
What is Covered: Costs and revenue replacement if external supplier suffers a Cyber Event
Examples: Cyber extortion costs, Virus extraction
A laptop containing lists of customer and personal contact information is left on the bus.
Costs of contacting the customer list and advising them of the situation together with associated costs of appointing a Credit monitoring service.
Client designs destroyed in virus attack
Customer designs are compromised after a work colleague opens an email that lets a virus into the network.
Insurers response team helps you mitigate the impact of the virus and stop it infiltrating your system any further.
Removal of the virus from your system, associated costs of mitigating further loss or damage and the costs of restoring data in your system.
Revenue impact on your business as a result of the cyber event.
Patient personal information
IT infrastructure has been accessed and a copy of all of your patient records may have been obtained.
Insurer response team appoints a firm to contact your patients and communicate the situation
to them. A Credit Monitoring service is appointed to ensure that your patients’ financial records can be watched and any issue can be managed appropriately.
The costs of securing your system, contacting your patients and the related Credit Monitoring costs.
Unauthorised sale/use of sensitive information
A Customer alleges that a failure of your IT system has led to financial information being obtained and ultimately leading to their credit rating being impacted. On investigation, an employee has copied these records and passing them on to a criminal gang who have been committing credit fraud.
Insurers appoint a forensics investigator who assists with securing data and implementing appropriate preventative measures. Credit monitoring facility is established to identify any unusual credit activity.
Defence costs and payment of award, fine or penalty.
You receive an extortion e-mail. It is clear that if you don’t comply with the demands, your business will be impacted.
You call Insurers and the response team determine that this is a genuine threat. The team neutralise the threat to your business and no extortion monies are paid.
The costs to protect your operations and neutralising the threat.
One of your suppliers suffers a cyber event
A supplier advises you that they have had a significant cyber event and they cannot use computer systems to manage their customer delivery cycles. You have been unable to find a temporary solution for stock supplies. You suffer a downturn in business.
Insurers will pay your impact on business costs as long as your supplier is subject to a Cyber Event as described in your wording.