Cyber Crime Insurance
With data breaches often hitting the headlines across Asia and Australia, loss of personal and corporate data has far-reaching ramifications that potentially change the way business is carried out.
What is Cyber Crime Insurance?
Cyber Crime Insurance can provide coverage for personal data liability, corporate data liability, outsourcing liability, data security liability, data administrative investigations, data administrative fines, repair of the company’s reputation, repair of individual reputation, notification and monitoring costs, electronic data and defence costs. Cyber Crime Insurance can also provide optional coverage for media content, cyber extortion and network interruption.
Why do I need Cyber Crime Insurance?
Virtually all companies handle data and personal corporate information on a daily basis, whether it be identity card numbers and corresponding profiles of employees, credit card information, sensitive demographic information about customers, information on budgets, customer lists, share prospectus or marketing plans. The same companies face very real liability issues if such data were to fall into the wrong hands or enter the public domain.
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Businesses can face very real liability issues if client or customer data were to fall into the wrong hands – talk to us to find out how we can help.
Frequently Asked Questions
Cyber Insurance provides cover against theft or corruption of personal or business data. It can cover against financial losses relating to data security liability, theft of client data, reputational repair, fines, cyber and ransom extortion, network interruption and other corruption caused by cyber criminals.
Those who need cyber insurance are typically businesses or individuals who rely on or use computers and technology within their business. It is off utmost importance for businesses where third party data is held such as medical records, financial records, client listings and other third party personal information.
Cyber insurance costs are relative to the business or individual taking the policy out. The cost can relate to the particular industry, the business’s technology protection levels, the sum insured required and more. A qualified insurance broker can advise on what levels of protection may be needed to obtain a cost.