Costs your business may incur directly as a result of an incident.
Ransomware – Cyber extortion
We will protect you if a hacker tries 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.
We offer practical support in the event of a data breach (electronic or otherwise) including forensic investigations, legal advice, notifying customers or regulators, and offering support such as credit monitoring to affected customers.
Cyber business interruption
We will provide 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.
We will reimburse you for the costs of repair, restoration or replacement if a hacker causes damage to your websites, programs or electronic data.
We provide expert support to mitigate reputational damage. In the event of a data breach, prompt, confident communication is critical to help minimise the damage to a company’s reputation. We include crisis containment cover with a leading public relations firm who can provide expert support, from developing communication strategies to running a 24/7 crisis press office.
Amounts you may be liable to pay to others
We will pay to defend and settle claims made against you for failing to keep customers’ personal data secure. We will also pay the costs associated with regulatory investigations and settle civil penalties levied by regulators where allowed.
The policy includes protection if you mistakenly infringe someone’s copyright, for example by using a picture online without permission, or inadvertently libel a third-party in an email or other electronic communication.
Cyber risk is an exposure that no modern business can escape, and the financial impact of system interruption, privacy and cyber crime events are now felt within all industries. With solutions designed for businesses of all sizes, our cyber policy provides cutting-edge cover to protect against the emerging threats of the digital age. Key features include:
EACH AND EVERY CLAIM LIMIT
By providing cover on an each and every claim basis, we ensure that our policyholders aren’t restricted by a policy aggregate and that the full benefits of cover are available each time a crisis strikes, even if they experience multiple cyber incidents in the same policy period.
SEPARATE LIMIT WITH NIL DEDUCTIBLE FOR INCIDENT RESPONSE COSTS
We provide a separate, full, additional limit to manage incident response costs, including forensic investigation costs and breach notification, in order to protect the main policy limit to pay for subsequent costs to handle potential litigation or regulatory actions. And because we want to encourage swift engagement, we offer initial response services with no deductible.
Historically, there has been confusion as to whether a cyber or management liability policy should pay in the event of a suit being made against the directors and officers due to a cyber attack. We aim to remove that confusion by providing affirmative cover for liability against senior executive officers in the event that the management liability policy doesn’t respond.
COMPREHENSIVE COMPUTER CRIME COVER
We provide comprehensive crime cover for a wide variety of third party electronic crimes involving the theft of money and fraud, including phishing scams, electronic wire transfer fraud, telephone hacking and social engineering. Our policy also covers the personal assets of SEOs in the event that their electronic funds or identities are stolen.
SYSTEM REPAIR COSTS
On top of standard data repair and reconstitution, we provide a full limit for costs associated with reconfiguring and rebuilding systems and networks after a system failure or corruption following a cyber attack, including staff overtime costs and external specialist consultants.
FULL RETROACTIVE COVER
Cyber attacks are often discovered long after they first occur. Our policy is one of the very few to offer full cover for events that occur prior to the first inception date of the policy, aligning cover with the point when the breach was first discovered, rather than when it first occurred.
Contact us for a Cyber insurance quote