What’s covered

• Network Business Interruption – A computer system failure or breach of network security leading to income loss and expenses incurred during the period of interruption
• Restoration Costs – Expenses to restore information/data after a failure of the computer system or network leading to destruction, corruption or loss of electronic information assets and/or data.
• Regulatory Defence Costs – Defence costs of regulatory action due to breach of privacy regulation. Cover may include fines and penalties due to breach of privacy regulation.
• Security and Privacy Liability – Investigation costs to determine cause and extent of security failure. Cover may include fines and penalties due to breach of privacy regulation.
• Cyber Extortion – Costs and expenses related to threats or extortion after the release of confidential information or breach of computer security.
• Intellectual Property – Value of trade secrets stolen through a cyber-attack.
• Data Breach – Compensation of third party liability claims related to the disclosure of confidential commercial and/or personal information (privacy), as well as economic harm suffered by others from a failure of network security.
• Crisis Management – Costs and expenses associated with managing a cyber event (e.g. a privacy breach), which may include forensic investigation expenses, call centre costs, credit monitoring costs and public relations costs.

Third Party Costs

• Data Breach – Compensation of third party liability claims related to the disclosure of confidential commercial and/or personal information (privacy), as well as economic harm suffered by others from a failure of network security.
• Crisis Management – Costs and expenses associated with managing a cyber event (e.g. a privacy breach), which may include forensic investigation expenses, call centre costs, credit monitoring costs and public relations costs.

What’s not covered

• Cyber Insurance will not duplicate a Financial Institutions Financial Lines programme so it does not typically provide cover for Professional Liability – claims resulting from the failure to provide professional services to your customers and clients; and Financial Crime – theft of your own or customer/clients assets/money
• Money Transfer – Covered under the Financial Crime Policy
• Market Fluctuation
• State sponsored activity/ espionage
• Most Insurers prefer to utilise their own wordings, so conditions and exclusion can vary. Natural catastrophes – A landslide causing damage to an organisation’s power source, the resulting losses may not be included under a standard Cyber Policy.

What’s optional

• Political Violence and Terrorism: Cover against political violence and terrorism