Businesses are using the Internet and electronic communication to transact their business now more than ever. The internet, e-commerce and web communication is growing as a means of marketing, advertising, maintaining customer’ relationships and interacting with them at the same time. But, it has opened up a whole new set of risks that businesses now face. Traditional insurance policies may no longer cover the risks to which businesses and clients are exposed. Insurers’ understand and have been insuring these risks for the last decade. A Cyber Insurance (or Cyber Liability) policy can cover these risks and work in tandem with traditional property and liability insurance policies. As the legal climate evolves along with the Data Protection Act and changing privacy laws in Ireland, the high litigation costs for cases against copyright infringements, trademark disputes, virus transmissions, theft of data etc., all combine to make Cyber Insurance a cover which businesses cannot afford to be without, particularly if they:
Cyber Insurance covers the losses relating to damage to, or loss of information from IT systems and networks. Policies generally include significant assistance with and management of the incident itself, which can be essential when faced with reputational damage or regulatory enforcement. Generally cyber risks fall into first party and third party risks. Insurance products exist to cover either or both of these types of risk.
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