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In modern times, crime has evolved into cyberattacks and data breaches and cyber insurance is the way to protect against them by helping organisations mitigate financial losses and liabilities resulting from such events.
Cyber insurance, also known as Cybersecurity insurance or Cyber liability insurance, is a type of insurance coverage that helps organisations mitigate financial losses and liabilities resulting from Cyberattacks and data breaches. It provides protection against risks associated with cyber threats, including hacking, data breaches, network security failures, and other cyber-related incidents.
- Our Cyber Solutions are tailored for businesses of all sectors and sizes
- Modern risks call for cutting-edge, innovative cover to protect against the very real and growing threats
- Comprehensive solutions to protect your clients’ against a range of cyber threats and exposures
- Hands-on service to our broker partners and keeping them informed of the latest product developments
ABOUT CYBER INSURANCE
WHO IS IT FOR
We can assist with the majority of Irish and UK businesses requiring cyber insurance, including but not limited to:
- Professional Service Firms including Accountants, Architects & Engineers, Attorneys, Business Process Outsourcing, Consultants, Real Estate, Insurance brokers
- Tech companies
- Construction companies
- Healthcare Providers & Vendors
- Public Entities
- Retail & Hospitality
- Manufacturing & Wholesale
WHAT TO LOOK FOR
When purchasing cyber insurance coverage for a commercial business, there are several important things to consider, such as:
- Coverage Scope - understand what is covered and what is excluded under the cyber insurance policy
- Policy limits - Determine the maximum coverage amount provided by the policy
- Risk assessment - conduct a comprehensive risk assessment of your business cyber vulnerabilities
- Pre-existing conditions - check if the policy covers pre-existing incident
- Incident response support
- Policy exclusions
- Sub-limits & deductibles
- Notification and reporting requirements
- Reputation & crisis management
BENEFITS OF CYBER
Cyber insurance helps businesses navigate the complex and evolving cyber risk landscape and mitigates the potentially devastating consequences of cyberattacks.
Here are a few benefits of having cyber policy cover:
- Financial protection against financial losses
- Access to expert guidance in the event of an incident
- Construction companies
- Data breach response assistance
- Legal & regulatory support
- Reputation management
- Risk assessment & prevention
- Third-party liability coverage
HOW A CYBER POLICY WORKS
The technology revolution has undoubtedly bestowed unprecedented levels of convenience and choice upon millions of people worldwide. However, in parallel, it has also extended the same advantages to the criminal underworld.
Cyber policies can be divided in two areas:
- First-party covers
- Third-party (liability) covers
The first-party sections covers the insured's own financial loss arising from a cyber event such as: unauthorised system access, electronic attack or privacy breach.
The first-party cyber policy includes:
THIRD-PARTY (LIABILITY) COVER
The third-party sections covers the insured for liability actions against them arising out of a cyber event.
The third-party cyber policy includes:
This section of cover will generally pick up all of the costs involved in responding to a cyber incident in real-time, including IT security and forensic specialist support, legal advice in relation to breaches and costs associated with having to notify any individuals that had their data stolen.
This section covers costs incurred in responding to fraudsters attempting to extort money out of an insured. Ransomware is an example where the victim's data is encrypted and only made accessible again by the payment of a ransom demand to the attacker.
This section covers the costs for an insured's data and applications to be repaired and restored.
This cover aims to reimburse loss of profits and increased costs of working as a result of interruption to a business' operations caused by a cyber event.
This covers third-party claims arising out of a cyber event.
When permitted to be included under a policy, this will cover the cost of certain fines and penalties that a regulatory body might enforce.
This covers any third-party claims arising out of defamation or infringement of intellectual property risks.