Cyber Liability Insurance
Who needs this cover?
If you provide a product or service for online purchase on your website you are exposed to claims from your customers and/or potential customers should your website be hacked/breached and that customers’ personal data be stolen either individually or as part of a data base by the hackers.
A customer can bring a claim against your website/company for financial loss sustained as a result of their personal data being used by an unauthorised third party i.e. hacker or other third party who obtains the data from a hacker source. The potential value of these claims are huge and would immediately put you out of business unless you have adequate cyber liability insurance cover in place.
10 Core Reasons to have the cover
- Data is one of your most important assets yet it is not covered by standard property / liability insurance policies
- Database / Computer systems are critical to operating your day to day business but their downtime is not covered by standard business interruption insurance
- Cybercrime is the fastest growing crime in the world, but most attacks are not covered by standard property / liability insurance policies
- Third party data is valuable and you can be held liable if you lose it
- Retailers face severe penalties if they lose credit card data
- Complying with breach notification laws costs time and money
- Your reputation is your number one asset, so why not insure it?
- Social media usage is at an all-time high and claims are on the rise
- Portable devices increase the risk of a loss or theft
- It’s not just big businesses being targeted by hackers, but lots of small ones too
Remember: Public Liability & Business Interruption cover does not extend to cover cyber risks nor does it extend to cover pure financial loss. This is why Cyber Liability Insurance should be considered for your business.
