CYBER INSURANCE
Increased connectivity and rapid globalization has amplified the risk of Cyber Crime. According to World Economic Forum Report, 2018 Cyber-attacks are among the top three risks.Cyber risk is now a major threat to clients’ businesses. Companies are regularly exposed and targeted, in this ever evolving digital landscape; including but not limited to First Party losses, Third Party damage, Business Interruption and Cost Associated with Crisis Management and Response.
CYBER INSURANCE COVER INCLUDES
THIRD PARTY COVER
- Privacy and Confidentiality breach clause
- Network Security Cover
- Media Liability Cover
- Regulatory costs and fines cover
- Internal Investigation cover
- Consumer redress funds cover
- Payment Card Industry Data Security Standards (PCIDSS) Cover
- Forensic Costs
- Data Breach Response
- Data Identification and Preservation costs
- Legal and Regulatory Advice cost
- Notification Costs
- Third party indemnification advise cost
- Call Center Costs
- Account and Credit Monitoring
- Other Costs
- Loss adjuster costs
- Reputation advice Costs
- Hacker Theft Cover
- Cyber Extortion Cover
WAY FORWARD
Considering recent events around the world, which include Breach of Data, Cyber extortion and unauthorized use of customers’ data, it can be safely concluded that organized Cyber-attacks are on the rise and this is only the tip of the iceberg. Now is the right time to opt for Cyber Insurance which can protect the Insured from financial losses due to Cyber-attacks, thus bringing a sense of security against this emerging threat.