Cyber Liability Insurance

Coverage Scope: This policy covers a range of cyber risks and incidents that can result in financial loss and legal liabilities. Common areas of coverage include:

• Data Breach Response: Coverage for expenses related to investigating and responding to a data breach, including legal fees, notification costs, credit monitoring services, and public relations efforts.
• Data Privacy Liability: Coverage for costs arising from the unauthorized access, theft, or release of personally identifiable information (PII) or other sensitive data.
• Network Security Liability: Coverage for damages and defense costs resulting from network security failures, such as denial-of-service attacks or malware infections
• Electronic Media Liability: Coverage for liabilities arising from defamation, infringement of intellectual property rights, or other content-related issues on websites, social media platforms, or other electronic media.
• Cyber Extortion: Coverage for expenses related to responding to ransomware attacks or other forms of cyber extortion.

• Business Interruption: The policy may also provide coverage for financial losses resulting from a cyber incident that disrupts normal business operations. These include reimbursement for lost income, additional expenses incurred to restore operations, and extra costs for customer support or public relations efforts.
• Legal and Regulatory Expenses: Cyber insurance can cover legal fees, defense costs, and regulatory fines or penalties resulting from a cyber incident or non-compliance with privacy and data protection regulations.
• Incident Response Services: Many cyber insurance policies provide access to specialised incident response teams, forensic experts, and legal counsel to help in management and mitigation of the impact of cyber incidents.
• Risk Assessments and Pre-Breach Services: Select policies offer risk assessment services, vulnerability scanning, and guidance to help businesses identify and address potential cyber vulnerabilities before an incident occurs
• Policy Limits and Deductibles: These policies have specific limits of liability, which represent the maximum amount the insurer will pay for covered losses. There are deductibles, which are the amounts that the insured organisation must pay out of pocket before the insurance coverage applies.

With cyber threats and data breaches a growing concern in today's digital landscape, Cyber insurance is important for businesses and organizations of all sizes and industries. This policy:

• Mitigates financial risks
• Protects business reputation
• Navigates the complexities of cyber incidents

Note: Organisations need to carefully review and understand the terms, coverage limits, exclusions, and sub-limits of their cyber insurance policies, to ensure they have appropriate coverage for their specific cyber risks and needs.