What is Cyber Crime Insurance Insurance?
Cyber-insurance is an insurance product used to protect businesses and individual users from Internet-based risks, and more generally from risks relating to information technology infrastructure and activities.
What’s covered
First Party Costs- 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
Choose optional add-ons at an additional cost to create cover that suits you.- Political Violence and Terrorism: Cover against political violence and terrorism
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FAQ's
How do I cover items that I take away from the home?
What is accidental damage cover?
Are items in my garage or shed covered?
I live in rental accommodation. Do I still need insurance?
What is an excess?
Tips
- Ensure you declare a list of items to be insured under contents insurance including serial numbers, model, make and have the correct sum insured
- Always keep valuables safely and locked out of site to protect against the risk of theft