Cyber insurance covers your business’s legal liability around breaches of data, when customers’ personal details are stolen or used by hackers or criminals. Because hacking methods constantly change and evolve, no business is 100% safe. Unless you have enough money spare to pay potentially huge legal liability and compensation costs, it’s a wise choice.
What’s covered?
You can buy either first party or third party cover. First party insurance can include:
- Loss or damage to your digital assets
- Business interruption because a network goes down
- Exhortation by third parties
- Customer notification expenses
- Reputation damage because of lost intellectual property or customers
- The electronic theft of money or digital assets
Third-party insurance covers your customers. It can include:
- Security and privacy breaches
- Investigating, defending and paying civil damages
- Multi-media liability to pay for defending defamation, breach of privacy, and negligent published matter, either electronic or in print
- Lost third party data, including compensation for denial of access and failed IT systems