WHAT’S COVERED?

The costs of a cyber attack or breach to a business can be far reaching. Have you considered all of the risks this could bring to your business? See below for the different types of protection a Cyber Insurance Policy can provide for your business.

Loss or Damage to Data or Software Programs

Business Interruption / Loss of Income from Network Downtime

Ransomware – Cyber and Data Extortion when third parties threaten to damage or release data unless a ransom is paid

Customer and Third-Party Notification Costs and support where you often have regulatory requirement to do so

Crisis Containment Costs – cover can include costs to protect your reputation from damage

Liability to your customers Assets – from investigation and legal defence costs together with civil damages associated with them

Defence and Legal Costs to manage communications with customers and regulators in the event of a breach

Repair or replacement following system damage

Security Breach investigations and analysis to establish the depth of an attack and ensure no weaknesses remain

A company director of a wholesale business clicked on a link in an email that he believed came from a customer. Unfortunately, this meant the entire computer network was locked and as a result received a message demanding a ransom of £15,000 in BitCoin to restore the system. After 10 days the client paid a BitCoin ransom to restore operations. The insurer covered the costs of the ransom; incident response and the extensive network interruption including increased cost of working and cancelled orders.

CASE STUDY - SYSTEM LOCKDOWN

Following a cyber attack a small retail business had to notify all their customers affected that their personal data had been hacked including credit card details. This created a huge amount of work for the business and had a significant impact on their operations. Not only did the insurer cover the costs of the IT experts it provided a contribution towards improving their IT resilience and prevent a similar incident occurring.

CASE STUDY - CUSTOMER DATA

As a result of a significant data breach many customers took to social media to complain about their personal data being hacked. This caused serious concern within the business. The cyber policy provided access to a professional public relations and crisis management company to help rebuild customer confidence.

CASE STUDY - REPUTATIONAL RISK