Cyber Liability Insurance
Cyber Liability Insurance protects you against liabilities arising from data protection laws, management of personal data and the consequences of losing information. For individuals this includes credit card numbers, medical records, birth dates, passport numbers and other private personal information which can be stolen and used inappropriately. Equally, the loss of corporate information such as intellectual property and proprietary information could severely disadvantage a business.
With network attacks and security becoming a significant global issue, the Cyber Liability Policy also covers you for direct first party losses such as; the consequences of a cyber or denial of service attack (DDOS) including loss of revenue and increased costs to rectify; cyber extortion such as ransomware; recovering lost or destroyed data; notification; monitoring and forensic investigation expenses and lost income.
Some policy benefits are:
- Business Interruption – includes net profit or loss and extra expenses as a result of a network attack on an insured’s network
- Third Party Liability – related to privacy; personal information; corporate information; Media and Social Media (including defamation, intellectual property rights and plagiarism)
- Hacker Theft Cover – fraudulent or erroneously paid funds
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