In today's digital world, it's never been more critical to protect your private information of employees and clients, as well as your digital assets and online systems.
Cybercrime is increasingly becoming one of the leading business risks globally. The illegal release of personal information like customer or employee records, credit card details or patient information can not only affect you financially but can also harm your intellectual property, client trust and reputation.
There are two main Cyber Insurance policy types to consider when it comes to protecting your business from cyber crime.
Cyber Crime Insurance
A typical Cyber Crime Policy, or Cyber Crime Policy Extension, will provide cover for:
- Theft of Money due to a Cyber Crime event, for example, social engineering fraud, phreaking, phishing, etc.
- Limits do apply, be sure to check in as some policies require a more comprehensive risk analysis and underwriting assessment.
Cyber Liability & Privacy Protection Insurance
A typical Cyber Liability and Privacy Protection Insurance policy will provide cover for:
- First Party (own) costs and expenses (excluding theft of Money) as a result of a Cyber event, or breach of Privacy as defined by the Insurer's policy wording.
- Fines and penalties incurred as a result of a Cyber event, or breach of Privacy, as defined by the Insurer's policy wording.
- Business Interruption/Consequential Loss (excluding theft of Money) as a result of a Cyber event, or breach of Privacy as defined by the Insurer's policy wording.
- Third Party costs and expenses (excluding theft of Money) as a result of a Cyber event, or breach of Privacy as defined by the Insurer's policy wording.
- Limits do apply, be sure to check in as some policies require a more comprehensive risk analysis and underwriting assessment.
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