Cyber Risks Insurance

What is covered?
Cyber policies can provide a mixture of first- and third-party cover, and not all extensions
are important to every business. The policy is structured on a modular basis, so that
clients can get a solution tailored specifically for their business.

For Example:
Data Breach Response - Covers the cost of:
• Expert investigator costs
• Expenses for notifying affected parties/data subjects
• Credit and identity theft monitoring costs
• Public relations expert costs
• Legal defence expenses in response to regulatory actions
Administrative fines:
• Certain fines/penalties imposed by a supervisory authority following a data breach
Restoration
• Reasonable and necessary costs of restoring data and software after a data breach
Business interruption:
• Payment of lost net profit because of interruption due to a cyber incident.
Cyber extortion
• Ransom and other costs paid to resolve a cyber extortion event
Cyber crime
• Reimbursement of funds that have been illegally taken due to cyber-crime
Payment Card Industry Data Security Standards (PCI-DSS)
• Specified costs cover and reimbursement of fines or penalties levied by a payment
card brand following a breach of PCI-DSS caused by a cyber incident.
Confidentiality and privacy liability
• Damages, settlements and legal defence costs arising out of claims by third parties
or employees relating to confidential information following a data breach.
Network security breach
• Legal defence costs, damages or settlements where a third-party claim is made for
a data breach, theft of data or DoS attack caused by malicious act or malware
emanating from the client’s computer systems.
Media liability
• Legal defence costs, damages or settlements where a third party alleges
defamation, breach of copyright (including breach of title, slogan, trademark, trade
name, service mark, service name, domain name), breach or interference of rights
to privacy resulting from online media activities.

What is not covered?

Certain losses are not insured. These include:
• In-game currencies, crypto-currency risks, reward points, air miles
• Government entities, municipalities, local authorities

What does this insurance cost?

This is specialised cover and Insurers require a completed proposal before they will
provide terms.