Cyber Insurance

Webber Insurance Services Cyber Insurance

The internet has changed the world we live in, and the presence of a “cyberspace” allows people and businesses to communicate, connect and develop in increasingly sophisticated ways. It is essential for both first and third parties to be fully covered and protected against the exposures that have arisen with the growth of global internet communications and e-business.

Cyber Insurance can provide the following coverage for businesses with each policy tailored to their specific and unique cyber, privacy and media risks:

Privacy protection:

  • Third Party Liability: Covers costs to defend and settle claims against you for failing to keep clients personal data secure. This includes forensics costs up to policy limit.
  • Regulatory Actions: Defence costs for investigations by regulators or the payment card industry. These costs are paid with no hourly rate cap for the legal services. Costs for civil penalties (where insurable at law) and compensatory awards levied by regulators can also be paid.
  • Electronic and Non-Electronic Incidents: This cover provides protection for both online and offline activities.
  • Third Party Data Breach: This cover can pay the costs brought by the breach of client’s data held by others on their behalf, including subcontractors.

Breach costs:

  • Forensic Investigations: Cover provided for the costs to find out what went wrong and to confirm whose data has been put at risk.
  • Notification: Cover provided for costs to draft and deliver notifications to individuals, the payment card industry (PCI) or a regulator.
  • Customer Support: Costs involved to set up a call centre or offer credit monitoring services to affected customers.
  • Public Relations: Costs to employ a specialist firm to support in rebuilding the reputation of an affected business.

Cyber business interruption:

  • Loss of Revenue: Cover for a business affected by a hacker, competitor or other third-party targeting a business’ computer system to prevent earning revenue?
  • Internet and Non-Internet Activities: A preset loss amount figure can be set to provide adequate protection to each business based on their unique requirements.

Cyber liability:

  • Intellectual Property Rights Infringement: Costs paid to the business if they breach IP rights including trademarks and copyrighted information.
  • Defamation: Cover for action brought against the business for any defamatory statement ia email, intranet or website, including if made by a hacker.
  • Privacy Breach: Cover for breach of any confidence or infringement of any right to privacy
  • Virus, Worm, Logic Bomb or Trojan horse: Cover against any negligent transmission to a third party via email, website or other method.

Hacker damage:

  • Cover for damage, destruction, alteration, corruption, theft or misuse of the business’ website, program or electronic data by a Hacker.

Cyber extortion:

  • Cover for illegal threat received directly or indirectly by a third party for money, goods or services as a condition of not carrying out the threat.
  • This includes cover for threats of damage, destruction or corruption of the business’s website, network, programs used or data held electronically.
  • Protection is extended to threats to divulge sensitive commercial information that would cause harm if made public from a third party that obtained unauthorised access to the electronic information.

Liability Insurance for Websites and Online Stores

Insurance for websites, online stores and E-commerce websites is becoming increasingly essential.  This is not only just for larger e-businesses holding vast quantities of personal data – but also for small scale website owners who  have the same legal liabilities of a larger organisation.

For a company operating in today’s high tech world, possible exposures can arise from internal and external emails, websites providing information about the company, its products and services along with the increased risk of e-commerce.

Legislation is continuing to evolve to further protect consumers and their online information, creating potential new liabilities that were previously unseen.

Cyber Insurance Cover for your Business

Cyber Insurance goes beyond traditional liability insurances which have not developed or have not kept up with the pace of development in the internet space, to offer cyber liability insurance packages that address the risks involved with internet exposure to provide the maximum protection for your business.