Cyber Liability Insurance

For years, security professionals have been saying “either you have been data breached or you just do not know that you have been data breached.” Data breaches are now a fact of life together with taxes and death, but how can businesses better manage the risks related to a data breach and reduce the significant cost that can result from them?

Cyber Liability Insurance (CLI) has been most successfully used as a risk transfer option in those countries that have mandatory data breach notification laws. For example the United States, where 46 of the 50 states have mandatory requirements for data breach notification. Mandatory data breach notification regulations are in part a driver for Cyber Liability Insurance as the costs of notifying affected users can be extremely high.

As the expense of dealing with a breach gets higher – and the cost of dealing with mandatory notification is added – the option of using CLI will become more attractive for many businesses, in much the same way that existing business insurance policies for fire, flood and theft are a vital itinerary in the risk management toolkit.

Cyber Liability Insurance Cover Can Include

Data breach/privacy crisis management cover. For example, expenses related to the management of an incident, the investigation, the remediation, data subject notification, call management, credit checking for data subjects, legal costs, court attendance and regulatory fines.

Multimedia/Media liability cover. Third-party damages covered can include specific defacement of website and intellectual property rights infringement.

Extortion liability cover. Typically, losses due to a threat of extortion, professional fees related to dealing with the extortion.

Network security liability. Third-party damages as a result of denial of access, costs related to data on third-party suppliers and costs related to the theft of data on third-party systems.

Regulatory Fines and Penalties

Notification and Monitoring Costs

Liability Services

Take a look at our various liability insurance packages. From medical malpractice to cyber security and much more we are here to protect you and/or your business from fault.

Commercial Insurance

Protect your business from unforeseen circumstances with our various commercial insurance options. See how we put your mind at ease by being proactive rather than reactive.

Employee Benefits

Your employees are the core of your business and they look to you for protection in times of misfortune. See how we can help you protect your most valuable assets.