Cyber Liability Insurance Solutions

If your business has a website or electronic records, you’re vulnerable to cyber hackers. In fact, it’s likely that your business will suffer a cyber attack at some stage. A cyber attack could cost your business more than money. It could also threaten your intellectual property and put customers’ personal information at risk – which could damage your reputation.
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​Cyber insurance policies vary in the benefits they provide. The team at Think can help you find the most suitable product that meets the needs of your business. To give you an idea, here’s the type of cover that your policy may include:

First Party Losses

First Party Losses under a Cyber Liability Insurance policy cover direct financial and operational impacts a business suffers due to a cyber incident.
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​This includes costs for data breach response, forensic investigations, business interruption, cyber extortion, ransomware payments, and system restoration.
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​It can also cover notification expenses, credit monitoring for affected individuals, and crisis management to mitigate reputational damage.
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​Designed to help businesses recover quickly, this coverage ensures financial protection against the growing risks of cyber threats and data breaches.

Third Party Losses

Third Party Losses under a Cyber Liability Insurance policy cover legal liabilities and financial damages resulting from claims made by customers, partners, or regulatory bodies due to a cyber incident.
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​This includes costs related to data breaches, privacy violations, intellectual property infringement, and regulatory fines. It also covers legal defence, settlements, and damages if confidential client information is compromised.
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​Essential for businesses handling sensitive data, this coverage helps mitigate reputational and financial risks in an increasingly regulated digital landscape.

Extra Expenses

Extra Expenses cover under a Cyber Liability Insurance policy helps businesses manage additional costs incurred following a cyber incident.
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​It includes expenses for crisis management, public relations, forensic investigations, legal consultations, and temporary IT solutions to restore operations.
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​This coverage can also extend to hiring external experts, increased costs of working, and additional staffing needed to mitigate disruptions.
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​Designed to minimize financial strain and operational downtime, Extra Expenses cover ensures businesses can recover quickly and maintain continuity after a cyberattack or data breach.