Cyber Liability insurance is designed to cover the risks associated with handling and storing electronic data, communications and electronic information.
Cyber Liability Insurance can cover you for damage or loss of your own data and damage or loss to someone else’s data. Most businesses are reliant on computers, software and electronic devices for processing, storing and transmitting data. This makes you vulnerable to data breaches, loss, libel, slander, identity fraud, copyright breaches, viruses, and hacking. The problem is not restricted to external hackers or viruses; it could be your own staff accidentally losing or deliberately stealing data or equipment.
The Risk of a Cyber Security Breach
Unauthorised use of your network or theft of data can result in damage to your network and software, loss or theft, data corruption, fraud, website damage, viruses on your network or the spread of viruses to other networks. Disclosure or theft of private and personal information can be deliberate or accidental and can result in a breach of government, governing body or industry regulations.
The consequences of losing customer data or inadvertently contaminating data with a virus could expose you to catastrophic legal penalties. A comprehensive cyber liability insurance policy can cover damages and defence costs following a breach of data, contamination of third party data, theft of data, fines and penalties and third party intellectual property. It can also cover the cost of extortion, loss of profits, customer notification and reputation management.
Significant Features & Benefits
A comprehensive modular policy designed to meet the insurance needs of UK based companies with an exposure to cyber, privacy and media risks, including:
- Cyber liability, privacy liability and privacy breach notification costs
- Coverage for data held ‘in the cloud’
- Comprehensive media liability, including cover for user generated content
- Advertising and personal injury
- Defamation, including libel and slander
- Invasion of privacy
- Intellectual property rights infringement
- Blanket professional liability
- Breach of contract
- Employers’ liability and public liability
- Property and business interruption, including cyber perils
- Cover for dishonesty of your directors, partners or employees
You May Also Be Interested In:
- Directors and Officers – covers compensation to a customer if a claim is made against your directors or staff
- Professional indemnity – covers mistakes you make at work that result in financial loss to your clients
For help with a Cyber Security policy tailored to meet your needs, contact us at Oncover today, and receive your free quote.