Cyber liability and privacy insurance
Help safeguard your business against online risk
Cyber liability and insurance coverage, also referred to as cyber risk insurance or cyber liability insurance coverage (CLIC), is designed to help manage your exposure to risk by helping cover the costs involved with recovery after a cyber-related security breach or similar event has occurred.
Why you should consider it.
Every business that has a website or electronic records is vulnerable to cybercrime or an accidental data breach – and the consequences of a cyber-incident can be very costly indeed.
Depending on the situation, you may be up for the cost of ransom or IT solutions to unlock and repair your systems. You may also be liable for the cost of reporting the breach, legal claims and paying back any losses suffered by your customers or clients.
Remember, a cyber-attack or data breach may cost your business more than just money! It could threaten your intellectual property, put your customers’ personal information at risk and cause major damage to the reputation of your company.
What does it cover?
Our insurance gives you peace of mind as it help cover financial losses to your business, your customers and other parties following a cyber security breach.
This cost recovery can include costs associated with:
- Loss of revenue due to interrupted business
- Hiring negotiators and paying ransom
- Recovering or replacing your records or data
- Liability and loss of third party data
- Defence of legal claims
- Investigation by a government regulator
- Copyright infringement
- Misuse of intellectual property online
- Crisis management and monitoring
- Prevention of further attacks
What isn’t covered?
As with any insurance there are limits and exclusions that apply. There may also be a deductible, excess or limits on this type of cover so check with your GIBA insurance broker.
Please talk to us about what may or may not be appropriate for your coverage.