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.

You may need cyber and data risks insurance if you:

  • Hold sensitive customer data, such as , addresses or banking information
  • Are reliant on computer systems to conduct your business
  • Have a website
  • Are subject to a payment card industry (PCI) merchant services agreement

What Are Your Cyber Liability Risks?

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:

  • Liability—You may be liable for costs incurred by customers and other third parties as a result of a cyber attack or other IT-related incident.
  • System Recovery—Repairing or replacing computer systems or lost data can result in significant costs. In addition, your company may not be able to remain operational while your system is down, resulting in further losses.
  • Notification Expenses—In several states, if your business stores customer data, you’re required to notify customers if a data breach has occurred or is even just suspected. This can be quite costly, especially if you have a large number of customers.
  • Regulatory Fines—Several federal and state regulations require businesses and organizations to protect consumer data. If a data breach results from your business’s failure to meet compliance requirements, you may incur substantial fines.
  • Class Action Lawsuits—Large-scale data breaches have led to class action lawsuits filed on behalf of customers whose data and privacy were compromised.

What is cyber and data risks insurance?

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

How cyber and data risks insurance protects your business:

Features & Benefits

Cover

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

Security & Privacy Liability Insurance

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.

Event Management Insurance

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.

Network Business Interruption Insurance

Responds to loss of income and operating expenses when a company’s business operations are interrupted or suspended due to a network security failure.

Cyber Extortion Insurance

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:

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