Cyber insurance is designed to protect your business from a multitude of internet-based risks as well as risks associated with information technology infrastructure and operations. Cyber crime has become increasingly common as we’ve progressed into a digital world, despite the fact that it was practically unheard of 20 years ago.

Cyber Insurance provides the following;

• Coverage for financial losses incurred by your business as a result of a cyber event. This might include the cost of regulatory investigations and fines, as well as business interruption (loss of profits, extra expense, subsequent reputational harm, and claim preparation expenses) caused by computer system downtime. It may also cover payment card data breaches (PCI penalties) and data restoration fees.
• Coverage that gives your company access to an incident manager who can assist you in recovering from an attack. This coverage may include cover for IT security and forensic services, legal advice, privacy breach management, including notification and identity monitoring, regulatory investigations, and public relations to assist minimise reputational harm.
• Coverage for third-party liability in the event that a customer or third-party suffers a loss for which you or your company is held accountable. This coverage aims to protect you from data breaches, virus and malware transmission, unauthorised access to your or a third-computer party’s system, identity theft, and media liability.