Ai Cyber Insurance will protect your organization from data breaches that can result in the loss of sensitive information.
Cyber Liability is a risk an organization faces when utilizing online technology to improve business processes. Cyber Liability Insurance will protect your business against cyber risks such as data breaches and cyber extortion. Organizations that store confidential information such as passwords, credit cards, and any personal identifiable information should consider purchasing Cyber Insurance to help protect their business from any financial and reputational loss.
Below explains the different types of Cyber Liability:
Unauthorized access to sensitive information such as Personal Identifiable information. Cover the cost of theft, data breach lawsuits, and time.
The malicious attempt is carried out to disrupt or damage a company’s information system through ransomware. Protect your assets.
The extortion of sensitive information in exchange for monetary gain. Cover the cost of extortion payment, technology experts, and damages incurred.
In the event of any GDPR implications or loss of information. You will be covered for potential liability exposures and cost of damages inccured.
Small and medium businesses are the most targeted by cybercriminals compromising your company, vendors, and clients. Whether it is stealing an individual’s personal information and selling it on the Dark Web or for politically motivated hacktivism, there are several reasons criminals commit cyber crimes. But if you think you are too small to be hacked, or do not have data anyone would want, think again.
7 Reasons Why You Should be Concerned:
Ignoring cybercrime does not make it simply go away. In fact, ignoring cybercrime places the health and safety of your business in jeopardy. Protective action against cybercrime is necessary and is like locking your business’ front doors.
Secure your website with a technology based on a different backbone and years of experience with hundreds of customers worldwide.
Identify and eradicate all web vulnerabilities and malware with GamaSec web solutions to maximize customer confidence and increase sales.
Get an intuitive view of your web security with our detailed dashboards and take the right steps to improve your organization’s security.
Meet your web security challenges without making upfront investments and hiring expensive highly skilled engineers.
Reimbursement for theft of funds due to transfer of funds by an employee who is acting in good faith reliance upon a verbal, written or electronic instruction by a fraudulent third party that was purported to be a legitimate transfer instruction but, in fact, was fraudulent.
Reimbursement for the insured’s (1) loss of profit and (2) mitigation and extra expense incurred during the period of restoration as a result of an interruption of service to your computer system or a service provider’s computer system.
Reimbursement for fees, including forensic expenses, incurred because of a cyber-extortion.
Reimbursement for costs to replace, restore, reconstitute, or recollect digital assets from written records and partially or fully matching electronic data.
Notification costs, breach coach services, credit monitoring, call centre services, forensic response, public relations.
Reimbursement of income loss due to reputational harm resulting from a cyber event.
Loss and defence costs incurred on account of any claim that results from a media event. A media event may include any of the following as it relates to online or offline content issued by the insured: libel, slander, trade libel, or disparagement; plagiarism; violation of the right of privacy or seclusion or the right of publicity; infringement of copyright, title, tagline, trademark, trade name; unauthorized use of titles, formats, or other protected material; negligence with respect to the creation or dissemination of content.
Loss and defence costs incurred in responding to a written demand from either the Payment Card Industry Security Standards Council, payment card association, issuing bank, or acquiring bank alleging noncompliance with or violations of the Payment Card Industry Data Security Standard or a merchant services agreement in connection with the Payment Card Industry Data Security Standard.
Loss and defence costs incurred in responding to a written demand from either the Payment Card Industry Security Standards Council, payment card association, issuing bank, or acquiring bank alleging noncompliance with or violations of the Payment Card Industry Data Security Standard or a merchant services agreement in connection with the Payment Card Industry Data Security Standard.
Loss and defence costs incurred on account of any claim that results from a security event or privacy event.
One of your employees clicks on a malicious link and inadvertently downloads malware on your company’s servers encrypting all your data and stopping production. You receive a demand of $1M worth of Bitcoin, to be paid in 48 hours.
This would trigger the following coverages in your policy: cyber extortion costs, digital asset replacement costs, business interruption, security liability. This would result in a forensic investigation to locate the malware, analyze impact, ensure containment, calculate extent of loss and legal consultations.
Your finance director receives an email request from the CEO to pay a new vendor $150K for a special project. Details and invoices requested are also provided in the email. Days later, it is discovered that this request did not come from the CEO but the money has already been transferred and subsequently removed from the account.
This would trigger theft of funds due to social engineering events (impersonation fraud) and you’d be reimbursed the defrauded amount and all forensic investigation costs if needed.
Hackers gain access to your past and current clients’ and employees’ personal information through a programming error in your network.
This would trigger security and privacy liability, business interruption, and breach costs. Notifications would be sent to all affected individuals, ID theft monitoring services, the cost to operate a call center, a public relations expert, and legal consultations.
