Cyber Insurance Policy

This type of insurance covers businesses and organisations for the financial losses that can result from a cyberattack

Coverage

  • Data breaches
  • Ransomware attacks
  • Website defacement
  • Denial-of-service attacks
  • Malware infections
  • Identity theft

Additional Coverage

Cyber insurance can also cover the costs of:


  • Investigating a cyberattack
  • Restoring data
  • Communicating with customers and employees about a cyberattack
  • Hiring legal counsel

Costing

  • Cyber insurance cost varies based on business size, type, coverage, and insurer's risk assessment
  • Generally, cyber insurance is affordable and offers valuable protection for businesses

Categories

  • First-party coverage: Reimburses costs of cyberattack, including data restoration, legal counsel, and communication
  • Third-party coverage: Reimburses costs from cyberattack claims by third parties, such as customer data breach damages
  • Liability coverage: Protects business from legal liability due to unauthorized personal information disclosure
  • Business interruption coverage: Reimburses lost profits and expenses if cyberattack forces operations shut-down

Points to consider

  • Engage an experienced broker knowledgeable in cyber insurance when considering a purchase as this is a complex and technical subject

Claim Process

1

Incident notification

2

Assignment of claim handler

3

Documentation and information gathering

4

Investigation

5

Coverage determination

6

Claim settlement/negotiation

7

Remediation and mitigation

8

Thank You

Note: The claims process can vary depending on the specific circumstances and the policies.

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P&L(Preferable in excel format)