Cyber Liability

It’s very difficult to ignore or deny the rising incidents in Cyber Crime. Examples of data theft ranging from the accidental release of customers’ details, credit card number theft and ‘denial of service’ attacks, which can suspend a company’s operations, are on the increase. Organisations require a tailored Cyber Liability policy to protect them for when data is compromised and systems break down.

Your business can suffer a loss in market value, reduced productivity and revenue due to business interruption, significant recovery costs and penalties, irreversible damage to the corporate brand and customer trust not to mention possible exposure to class action lawsuits. Cyber and Privacy Protection Insurance policies can be customised to your specific needs and can cover a broad range of first and third party risks, including those with emerging content and transactional exposures.

Cyber risk will increasingly get more complex for business, and will require businesses to be on the front foot to responsibly manage data breaches and efficiently deal with incidents and litigation.

Policy features include:

  • Business interruption
  • Data and communication loss
  • Ransom management
  • Privacy breaches
  • Crisis and reputational liability

Cyber Claims Scenarios

Business Interruption

A luxury auto business launched a new website allowing users to schedule test drives, schedule and monitor the progress of repair work, and process payments. One month after the website launched, the website was compromised by a DDoS attack by a hacker. It took nearly a week for the business’s IT staff to bring the website back online. They had been the victim of a DDoS attack that disabled the company’s network and online services.

Cyber Extortion

A mid-size law firm, held confidential information on many of their clients, as well as information on merger opportunities. A hacker based in Russia gained access to their computer system and sent an email with a copy of a merger plan scenario and files on one of the firm’s clients. The hacker threatened that unless they are wired $250,000 they would not only shut down the firm’s computer systems, they would also publish all the data obtained from the system.

Digital Asset Loss

XYZ Architecture just put the finishing touches on a set of 3D CAD drawings for a new academic building at a local university. The firm sent out an internal communication thanking everyone for their hard work on the project and announcing that the job was nearly ready to deliver to the project owner. Later that night, a disgruntled IT administrator accessed and destroyed the CAD files, destroying months’ worth of hard work and putting the firm in danger of losing its contract with the university.

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