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
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.