Cyber Insurance

The global proliferation of digital technology and its exploitation has seen cyber risk increase. 

 

60% of cyber-crime attacks were targeted at small to medium-size businesses with the average cost of a cyber-crime attack being more than $275,000.
 
Despite the potential risks and costs, most businesses remain largely unaware of their cyber exposures. If this includes yours, now is the time to speak with Insure Taranaki. 
 
By its very nature, Cyber Insurance is a modern policy wording that’s constantly evolving in the marketplace. Cover often varies significantly between insurers and it can be difficult to compare what is and isn’t covered by different policies. This makes it essential to fully understand your cyber exposures to ensure your business is adequately protected.
 
Below are some of the key policy considerations we can assist with when looking at your cyber insurance requirements.
 
Privacy Issues

• Privacy Breaches:  Is there cover in place for loss of a customer’s personal information, commercial confident information and employee information?

• Privacy Fines & Investigations:  Does cover include fines and penalties incurred due to a privacy breach? Does this cover include defence and investigation costs?

• Privacy Breach Notification & Loss Mitigation:  Are your breach costs covered, including credit monitoring, identity theft monitoring, data restoration and forensic costs?

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System Damage

Is there cover for lost, damaged or destroyed IT systems, records and data? Is there cover for external IT forensic or security consultants?

 

Business Interruption

Is there cover for loss of profits due to a cyber event? What are the pre-requisites to claiming? What is the extent of the cover?

 

Computer Viruses and Hacking

• Are you covered for liability from hacker attack or virus?

• Are you covered for loss or theft of your data?

• Are you covered by attacks by employees and third parties?

• Are you covered for loss by phishing emails?

• Are you covered for Denial of Access attacks?

 

Extortion

Are you covered for ransom payments and the costs of negotiating or mediating a security threat?

 

Crisis Management

Does your insurer provide you with crisis management to handle a cyber event?

 

Brand Protection

Does your cover to provide protection of your brand? How extensive is the cover? Does it extend to cover personal reputation of senior executives?