Cyber Insurance – What are the benefits?

As technology becomes increasingly important for successful business operations the value of a strong cyber insurance policy will continue to grow. No matter your business size, location or industry anyone can be exposed to cyber-threats that potentially cause major disruptions to business.

Cyber insurance policies are created to suit your business needs and offer some important benefits which may include:

Business interruption loss

If your organisation experiences an IT failure or a cyber-attack that disrupts your business operations, your insurer may cover your loss of income during the disruption. Increased costs , in the aftermath of the attack, may also be covered.

Privacy breach costs

Policies will either have a single or be split into two separate clauses: Breach costs or Private Liability. These clauses cover for costs that arise from dealing issues such as notifying customers about the breach, privacy infringement claims and any associated legal costs.

Cyber extortion

Your cyber insurance policy may cover you in the event that your organisation is infected by ransomware or malicious software that attempts to seize control of, and with hold access to, your operational or personal data until a fee is paid.

Digital asset replacement expenses

In the event that your organisations digital assets are lost, corrupted or altered in any way by a cyber-attack, your cyber insurance policy may cover the costs.

Media liability

In the event that a libel, slander, defamation or infringement of intellectual property rights claim is brought against your organisation as a result of your digital media presence your cyber insurance policy may cover this.

Forensic support

This provides your organisation with near immediate 24/7 support  from cyber specialists following a hack or data breach.

Reputational damage

Your cyber insurance policy may recoup lost profits directly attributable to cyber attacks.

Management liability

Your cyber insurance policy may cover costs associated with defending senior management from cyber attack fault.

If you are unsure as how extensive your cyber insurance liability cover is please contact A-Plan’s Commercial team