Cyber

With a growing increase in cybercrime, complexities and pervasiveness of cyber crimes, organizations are susceptible to cyber threats and risks. Along with cyber attacks, cyber breaches and attacks lead to tangible financial losses, brand value degradation, and stakeholder discontent. However, organizations can benefit from experienced risk advice when managing their exposures. Cyber insurance helps a company mitigate specific risks, combat threats, and complement risk management measures by providing a wide range of coverage options. With our team of insurance specialists, we can help you assess and quantify your cyber risk, prepare for and respond to cyberattacks, transfer your risk, and build lasting risk management and resilience. With the right risk management solution and best-suited cyber insurance policy, we help you understand cyber insurance policy complexities, claims processes, and the cost of premiums through our expertise and network.

As your trusted risk adviser, we build and deliver best-in-class capabilities and solutions to help our clients understand, measure, and manage their cyber risk. We enable insurance solutions around your cyber risk through our advisory services and expertise. Why worry about the risk when you can leave it to the experts? Arrange a meet-up with us to plan your organisation’s cyber protection today!

The Cyber Insurance policy offers the following coverage options:

Crisis Management

1. Data Forensic Expenses – costs incurred to investigate, examine and analyse a computer network
2. Breach Consultation Costs – legal assistance
3. Costs to Restore – research, replace, restore or recollect software and any electronic data due to a network attack
4. Breach Response Costs – Notification Services, Call Centre Services, Credit Monitoring Services and Identity Theft Resolution services
5. Public Relations Expenses – costs to help protect your business’ reputation after a data breach

Business Interruption

1. Business Interruption – includes net profit or loss and extra expenses as a result of a network attack on an insured’s network

First Party Coverage

1. Hacker Theft Cover – fraudulent or erroneously paid funds
2. Network Extortion Coverage – costs to avoid, defend or preclude extortion
3. Loss Adjustor Costs – fees of a qualified external expert to determine the extent and loss amount

Third-Party Coverage

1. Third-Party Liability- related to privacy, personal information; corporate information; Media and Social Media (including defamation, intellectual property rights and plagiarism)
2. Regulator Liability– claim for loss against the company made by a regulator
3. Investigation Liability– costs for a formal investigation in response to Regulator
4. PCI DSS Cover–claim for loss against the company made by a payment card provider due to a breach of PCI DSS
5. Consumer Redress Fund Cover– to establish a fund for the payment of consumer claims

Extensions

1. Emergency Costs– include Defence Costs & Loss Mitigation Costs
2. Loss Mitigation Costs– Engagement of a loss mitigation adviser to help avoid or minimize any potential claim or business interruption loss
3. Personal Reputation cover – cost for public relation firm to mitigate or reduce damage to the reputation of any executive officer caused by a breach

The policy coverage will vary from organization to organization, depending on your business needs. As each policy is unique, any cover will be subject to full policy terms and conditions. The above is a guide to what you should look out for when taking up a Cyber insurance policy. Let our experts guide and advice you on the comprehensive coverage best-suited to your business needs. Drop us a message to speak to us today!