Cyber Protection Insurance
Cyber protection insurance is a relatively new form of cover. It’s designed to help protect your business from the financial impact of computer hacking or a data breach.
Why do I need it?
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.
What can it cover?
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
Business Interruption Losses – Cover financial loss you may suffer as a result of cyber attack.
Cyber Extortion – The costs of hiring negotiation experts, covering extortion demands and preventing future threats.
Electronic Data Management – The costs of recovering or replacing your records and other business data.
Third Party Losses
Security and privacy liability – Damages to your reputation resulting from data breaches such as loss of third party data held on your system.
Defence costs – Funds the legal end of the costs of defending claims.
Regulatory breach liability – Legal expenses and the costs of fines arising from investigation by a government regulator.
Electronic media liability – The costs of copyright infringement, defamation claims and misuse of certain types of intellectual property online.
Crisis management – Provides cover for the costs of managing a crisis caused by cyber hackers.
Notification and monitoring expenses – The costs of notifying customers of a security breach and monitoring their credit card details to prevent further attacks.
Don’t wait until it’s too late – contact Think Insurance Solutions today. We can explain how the cover works, and help you decide the right level of cover for your business.