The term “cyber liability insurance cover” is often used to describe a range of covers – in very much the same way that the word cyber is used to describe a broad range of information security-related tools, processes and services.
Cyber is often cited as the number one risk businesses face today. Yet cyber insurance seems to be one of the most misunderstood, and with good reason. It is an area associated with jargon and what feels like a whole lot of complexity as insurance products have rapidly evolved to adapt to a changing threat landscape. A business is much more likely to fall victim to a ransomware or social engineering attack than its building burning down.
At the moment, cyber liability insurance cover can include;
>>> Data breach/privacy crisis management cover. For example, expenses related to the management of an incident, the investigation, the remediation, data subject notification, call management, credit checking for data subjects, legal costs, court attendance and regulatory fines.
>>> Multimedia/Media liability cover. Third-party damages covered can include specific defacement of the website and intellectual property rights infringement.
>>> Extortion liability cover. Typically, losses due to a threat of extortion, and professional fees related to dealing with the extortion.
>>> Network security liability. Third-party damages as a result of a denial of access, costs related to data on third-party suppliers and costs related to the theft of data on third-party systems.
Some of the elements of a cyber liability insurance cover may be interconnected or overlap with cover from existing products, including those for business continuity, third-party supply chain issues and professional indemnity. Even if this overlap does exist, a decent cyber liability policy will ensure cyber risks are fully catered for.
For small and medium-sized enterprises (SMEs) there are very simple policies available, but sometimes these raise more questions than they answer as they do not always provide a long list of exclusions or terms and definitions. At Weir Insurance Brokers, we can provide you with the right insurance cover for you.
Call us today on 0800 281 453 or visit the website and we’ll get back to you as soon as we can.