Why you need cyber crime insurance
These fast evolving and often not fully understood risks are faced by all companies whose business operates with the uses of an IT system, holds personal or confidential data, irrespective of its size and the industry it operates in. As soon as a cyber incident occurs, which can be simply due to an inadvertent click of a button by an employee, the company can be exposed both financially and in reputation. Check out our top 10 cyber security tips to see how your business measures up.
A cyber crime policy can respond providing not only the financial resource, but also valuable knowledge and expertise to avert and mitigate the losses to the company.
A cyber security insurance policy is multi-faceted in that it can;
- provide immediate access to IT forensic expertise, legal advice and public relations services following a cyber incident.
- indemnify the business in respect to claims by third parties including regulators, arising from privacy or network breaches and intellectual property infringements. This can include defence and investigation costs and awards and damages.
- in respect to the business’ own losses, the policy can cover costs incurred in notifying third parties of data breaches, reimburse costs incurred to recover data lost and restore computer system, losses arising from extortion incidences (i.e. ransomware), theft of funds arising from cybercrime (i.e. social engineering) and loss of revenue to the business and its increased costs incurred whilst the IT system is not operational, as well as losses arising from reputational damage.
At Islands, we understand the importance of technology and data to a company’s continued growth and development and with this, the risks that a company is exposed to that a traditional insurance programme is not designed to cover. We can provide a tailored cyber crime insurance policy that addresses these risks, protecting the company both financially and in reputation, should the worst happen. Still unsure about whether you need cyber crime insurance? Our article ‘do I need cyber crime insurance?’ can help you be sure.
Covers & benefits provided
Our cyber crime protection policy is extensive and designed with Channel Islanders in mind.
Provide immediate access to IT forensic expertise, legal advice and public relation services who will work with you from those first critical moments of an incident to avert or minimise the loss and reputational damage to your business and get you up and running as soon as possible.
Whilst your computer system is not operational due to a cyber attack or privacy incident, a cyber policy can reimburse you for loss of profit and the additional costs incurred. Even once the incident has been resolved, the company may suffer further financial losses arising from subsequent reputational damage which can also be covered, helping to protect the company’s future earnings.
Where there has been a loss or disclosure of personal data, there may be a regulatory requirement to notify affected third parties of the incident, including a need to establish call centres, provide credit monitoring and identify monitoring, as well as other services which can be costly and can be covered under a cyber policy.
Should a third party make an allegation against you arising from a data breach or unintentional transmission of malware to their computer system, the policy can defend you as well as settle third party’s costs and compensation awarded against you. Cover is also provided for regulatory investigations arising from a personal data breach, including settlement of insurable civil fines.
Where your computer system has been damaged or lost as a result of a cyber incident, a cyber policy can cover the costs incurred by the business to restore your computer system including your hardware, software and data.
Where there has been a theft of the companies funds, be this from a social engineering attack including the settlement of a fraudulent invoice, acting upon the instruction purporting to be from a senior executive or the unauthorised transfer from your bank account, a cybercrime policy can reimburse you for the lost amounts.
Where you are subject to a ransom demand arising from a threat to, or following the introduction of malware to your computer system, denying you access to your computer system or threatening to destroy or release confidential information, a cybercrime policy can reimburse you for the costs incurred including the ransom paid.
Where there has been an allegation of defamation or breach of intellectual property rights against you arising from your media content, cover can be provided for your costs to defend and your liability for the claimant’s costs and damages awarded.
Where there has been a breach of the Payment Card Industry Data Security Standards, the policy can cover the costs incurred, including fines.
Our expertise enables us to identify the key risks to your business and with our access to specialist cyber insurers provide a cyber policy, tailored to your needs.
Why choose Islands?
Our locally-based team is dedicated to providing specialist, personal service, to give you peace of mind with insurance cover for the things that matter.
An experienced market-leading team, delivering specialist advice and expertise for over 40 years.
Pop into our office, speak to us on the phone, send an email, or browse through our website.
We have bespoke Channel Island products designed and rated with this in mind that can be individually tailored for your needs.
We are proud to support the local community through several sponsorships and partnerships, helping to protect our rich heritage and take care of our beautiful islands.
Friendly, experienced in house claims team giving guidance and help when it matters most.