As Cyber Insurance is new and not very well understood, it is increasingly overlooked by businesses. Traditional insurance covers may not indemnify your business where the proximate cause for the business interruption is a cyber event, and this commercial reality has prompted an increasing number of new business proposals to be subject to the contractor having a cyber insurance policy in force.
The range of insured perils and support services provided by a cyber insurance policy is broad and the policy benefit is often more than simply financial.
A data breach, particularly when it relates to sensitive client information, can cause severe mistrust and reputational harm for your company. Any breach of personal data, as defined under EU General Data Protection Regulations, must be notified to the Data Protection Commission and to the individuals affected.
The business interruption section of your cyber insurance policy will cover any loss in trading profits that result from an insured peril. The inclusions of this section of cover can further benefit policy holders during incidents involving Denial of Service or Ransome Ware attacks as the Insurer has an inherent motivation to resolve the Breach expediently and minimise the impact on your business.
Dedicated incident response teams are available 24/7 to determine the severity of your breach and escalate your case for payment of the Ransom Ware demanded if your IT backups cannot be recovered and restored.
Breach notification and containment costs are covered within policy and sub-policy limits, further supported by:
- Printing and postage of appropriate notices
- Call centre to manage inbound and outbound calls
- PR strategy to manage and limit any reputational damage to your business
Regulatory fines are covered only where these are insurable in law. As fines by their nature are intended to penalise improper behaviours and reliance on an insurance policy for this should not be made.