DESCRIPTION
Cyber and electronic risk insurance is more than an insurance product. It is a risk-management tool that provides not only indemnity, but, above all, crisis-response services.
It helps organisations manage the growing responsibilities that come with handling large volumes of customer data and reduce the risk of reputational damage following a systems breach or data loss.
WHO IS IT FOR?
Organisations that want to protect their corporate networks from the financial consequences of a distributed denial-of-service (DDoS) incident.
Telecommunications – Internet Service Providers
- Banks, brokerages and insurers
- Energy providers
- Transport companies
- Retail chains
- Law firms
- Consultancies
- Companies processing credit cards, debit cards or loyalty-card transactions
MAIN ELEMENTS OF COVER
- Third-party liability for loss suffered when a company’s customers’ personal data is compromised.
- Incident response: expenses and services to manage systems breaches and the loss of confidential information.
- Business interruption: loss of revenue following disruption caused by a systems breach or loss of confidential information.
- Cyber extortion: support in responding to threats that could damage a network or lead to the disclosure of confidential information.
Under applicable data-protection law, serious infringements may lead to administrative fines of up to €20 million or 4% of annual worldwide turnover, subject to the applicable rules and policy wording.
CYBER RISK IN PRACTICE
HOW A CLAIM MAY ARISE
- Targeted hacking
- Loss of a portable device
- Theft from business premises
- Employee dishonesty
- Unsolicited advertising faxes or emails
- Phishing scams
- Malware or virus attacks
- Improper disposal of devices
INCIDENT MANAGEMENT
- Specialist security investigators assess the cause, severity and extent of a breach to support an effective risk response.
- Customer-notification and care services can be provided by trained external specialists to inform affected customers promptly and reduce financial consequences.
- Public-relations and crisis-management specialists help plan the response and select an appropriate communications strategy.
- Legal advice and support help assess the consequences of a breach and the steps needed to mitigate them.
- Specialist negotiators can assist if disclosure of data is threatened for extortion.
Tips
Our programmes can be adapted to local markets and the specific requirements of each country.