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Cyber Liability Insurance

information about Cyber Liability insurance policies

Cyber Liability insurance

Cyber Liability insurance is a type of insurance that has been designed to cover customers of technology products/services and offers protection for data breaches where customers personal details and information are leaked by a hacker or obtained illegally from a business’s database. This insurance helps individuals and businesses deal with the new age of internet hacking and fraudulency.

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Do I need cyber liability Insurance?

Online attacks and data breaches have become such a threat that most professionals and businesses require cyber liability insurance to make sure that their customers and company data are kept safe.

Cyber liability insurance provides cover by offering first party protection that covers a business’s assets and third-party insurance that covers the customers of the insured business.

Without professional indemnity insurance, companies expose themselves to claims such as malicious falsehood, libel and slander, professional neglect, copyright infringements, breach of confidentiality and negligent statement or actions.

What does a cyber liability insurance policy cover?

A first party cyber liability insurance policy will cover:

  • • Damage or loss to digital assets.
  • • Costs that result from notifying customers of a security breach.
  • • Cover for costs resulting from E-vandalism caused by someone outside of the business or an employee.
  • • Theft of digital assets or money through stolen equipment.

    First party cyber liability insurance will also cover any costs related to an individual/company being held ransom by a third party threatening to release confidential data. Cyber liability insurance also covers loss due to network downtime.

    Reputation damage cover provides coverage of an individual’s or businesses reputation that is caused by a breach of data that, in return, causes a loss of customers.

Does cyber liability insurance protect my customers?

Third party insurance cover may cover:

  • • Any loss of a third parties’ confidential data, including any compensation costs to the third party.
  • • Content liability that covers any costs that result from copyright infringement, trademark infringement and property infringement
  • • Any legal costs that arise from a data system falling faulty and impacting their customers.
  • • Third party insurance will also cover any costs resulting from security breaches, including investigation costs.

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KEY CONTACT

Grove & Dean Corporate Insurance

Key contact for cyber liability insurance Jim HooperCERT CII

Corporate Manager

01708 436 811
jim.hooper@grove-dean.co.uk

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