CIC Blog

Have you thought about Cyber Insurance for your Business?

by Gareth Evans on July 10, 2017

Due to modern times, nearly every action at work will involve the use of a computer or access to the internet.  With more companies using digital files than ever before, it is crucial to make sure that the data is protected and can be accessed easily to allow for your business to operate.

Cyber & Data Risks Insurance offers comprehensive protection for your computer systems and data under one policy and is designed to support your business if it suffers a data breach or is the subject of a malicious hacker that attacks the computer systems.

Here at CIC, we have access to several specialist schemes which can offer the following cover:

Ransomware – Cyber Extortion
This offers protection if a hacker attempts to hold your business to ransom by covering the ransom you have paid, as well as the services of a leading risk consultancy firm to help manage the situation.

Data Breach Costs
In the event of a data breach (electronic or otherwise), this can offer on-going support including forensic investigations, legal advice, notifying customers or regulators, and credit monitoring.

Cyber Business Interruption
 This provides compensation for loss of income, including where caused by damage to your reputation if a hacker targets your systems and prevents your business from earning revenue.

Hacker Damage
This covers reimbursement for the costs of repair, restoration or replacement if a hacker causes damage to your websites, programs or electronic data.

Crisis Containment
If there is a data breach, confident communication is vital to help minimise the damage to your company’s reputation.  Your company would be offered expert support, from developing communication strategies to running a 24/7 crisis press office.

Multimedia Liability
This provides protections if you mistakenly infringe someone’s intellectual property rights (e.g. copyright), for example by using a picture online without permission, or inadvertently libel a third-party in an email or other electronic communication

Privacy Protection
If you fail to keep customers’ personal data secure, cover can be offered to defend and settle claims made against you.

 

Gareth EvansHave you thought about Cyber Insurance for your Business?