The majority of our cyber products will provide coverage going back to basically the day you started your business. This coverage is crucial for businesses that might have had a cyber breach or are currently experiencing a breach and are unaware of this potential exposure.
You will have 24/7 access to the cyber incident response hotline. You will be able to engage with the insurance company's "cyber incident manager" who will help with the initial response to your cyber insurance claim. This coverage will also provide you with legal/regulatory costs, IT security/forensic costs, crisis communication costs, privacy breach management costs and third party privacy breach costs
Simplifying Cyber Insurance
Cyber insurance is a relatively "newer" insurance product that is being offered to businesses everywhere. It doesn't matter if you are an online store or a brick & mortar location (or both), cyber insurance is a coverage that you should consider adding to your risk control plan. Below are some key coverages you should consider when reviewing any cyber insurance proposal.
When a breach occurs on your business's network you could face lawsuits from any of the parties that had their privacy breached. For example, a doctor's office could have all of their patient's health records breached and the patients can then sue the business for failure to secure their PHI (protected health information). This coverage also will compensate your business for any regulatory or PCI fines, penalties or assessments you may incur.
The cyber insurance company will pay on your behalf for claims made against your business related to defamation including libel, slander, injurious falsehoods, emotional distress or outrage due to any of your media content. This also includes protection for intellectual property rights infringement such as trademark, copyright, domain name rights and service mark/name.
One of the fastest growing cyber insurance frauds/crimes is known as "Cyber Crime". This coverage is crucial in the event your business is tricked into wiring or sending money to someone else (that it shouldn't). It also protects your business if it is extorted due to a hacker freezing your computer system, locking you out of it or stealing the information but won't return it until you pay money.
While your business is undergoing a cyber breach you will immediately see a significant impact on your bottom line which will occur for several days, weeks, months, or in some cases, years later. A cyber insurance policy will compensate your business due to this interruption for loss of income, rectification costs and any consequential reputational harm your business may experience.
Let's face it, we all make mistakes, we are all human. Even if our systems and processes are automated, computer software can also malfunction. A cyber insurance policy, when this coverage is added, will respond to claims resulting from an act, error, omission or breach of contract due to your technology services. The insurance company will also pay for any costs or expenses you may incur due to this type of claim.
When a breach occurs and a lawsuit is brought against your business you will inevitably have to go to court. Most cyber insurance policies will provide you some compensation for you to attend court or any tribunal, arbitration, adjudication, or mediation.