As businesses become ever more reliant on technology, the risk of suffering a loss related to problems with computer systems or holding sensitive customer data continues to grow. It could be that your business holds personal information on clients or customers, including names, addresses and bank details. Maybe your systems and data are held on physical servers or in the cloud. Or perhaps you are reliant on a website for the running of your business. Damage or unauthorised access to any of these could lead to reputational damage and legal or regulatory costs.
If your computer systems are hacked or customer, employee or partner data is otherwise lost, stolen or compromised, the costs of response and remediation can be significant. Your business may be exposed to the following costs:
Cyber and data risks insurance is designed to support and protect your business if it experiences a data breach or is the subject of an attack by a malicious hacker that affects its computer systems. It provides comprehensive cover, simplicity, reputation protection and a trusted partner in the event of a claim
Fines and investigations – Covering the potentially significant costs and expenses of data protection regulator investigations and legally insurable fines following data security breaches
Crisis management –This includes: Cyber incident response services following a data breach, PR repair of company and individual reputations, breach coaching, and notification and monitoring costs associated with a breach of information
Electronic data – Covering the costs of making data safe again after a leak or breach
Coverage against third-party claims arising from a failure of the insured’s network security or a failure to protect personally identifiable information. The insurance also responds to regulatory actions in connection with a security failure, privacy breach or the failure to disclose a security failure or privacy breach.
Coverage responds to a security failure or privacy breach, paying costs of notifications (including voluntary notifications), public relations and other services to assist in managing and mitigating a cyber incident. Forensic investigations, legal consultations and identity monitoring for victims of a breach are all included.
Responds to loss of income and operating expenses when a company’s business operations are interrupted or suspended due to a network security failure.
Responds to the threat of intentional security attacks against a company by an outsider attempting to extort money, securities or other valuables. Also includes the cost of an investigation to determine the cause of the threat.
Getting the right broker is important. At Gargash, as a specialist broker we will save you time in determining what is right for your business,
Find the right level of cover for your business
You can choose from different levels of cover to ensure you get the right protection for your business. When working out the amount of cover you need, you should consider: