PREPARING YOUR BUSINESS FOR DATA BREACH.
What is Cyber Insurance
Cyber Insurance, and Cyber risk have become a leading issue for many companies in the UK, and Ireland. Many businesses are creating policies around cloud computing, social media, corporate device policies, big data, employee awareness, especially in light of the recent malicious cyber-attacks experienced by companies across the EU.
Cyber Liability is essential for business, regardless as size, to protect against such malicious risks, and potential exposure for data loss.
Cyber insurance for cyber risk and breach of EU data regulations are critical issues for business today. We advise on best cyber insurance solutions to safeguard your organisation and provide indemnity from a range of potential risks.
Typically, cyber insurance offers coverage against a suite of first party and third- party risks.
Cyber liability insurance is essential for all businesses in the digital age.
First party exposures can include:
- Loss or damage to digital assets
- Non-physical business interruption and extra expense
- Network interruption
- Cyber extortion
- Crisis management and reputational costs
- Reputational damage
- Social engineering and Fund transfer fraud
Examples of third party exposures:
- Security and privacy liability
- Privacy regulation defence costs
- Insurable fines and penalties
- Notification expenses
- Multi-media liability (IPR infringement. defamation, breach of privacy)