With recent data breaches hitting the headlines in Asia and Australia, loss of personal and corporate data has far-reaching ramifications that could potentially change the way business is carried out all over the world. Most high-profile stories in the media today address the type of data loss that impacts people on a personal level: credit card numbers, medical records, birth dates, ID/passport numbers and other private personal information. However, we should also be mindful of the impact from the loss of corporate data and information such as intellectual property and proprietary information, which in the hands of a competitor or even an extortionist can severely disadvantage business.
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.
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
Cyber Risk Insurance policies for:
If your business collects data then Cyber Crime Insurance is an absolute must.