Cyber Liability Insurance

The policy can provide cover to the insured for their own loss or costs associated with a data breach, along with costs associated with defence and legal representation where a third party claims from a failure to secure data including compensation and investigations.

Yes. All insurance offered by Citycover can be paid by the month through premium funders. If you chose to use the premium funder’s service, your monthly instalments will be tax deductible.

With the impending legislation for Mandatory Data Breach notification, governments require businesses to implement a Cyber Event response plan. A part of this plan should include a Cyber Liability policy which will assist with the costs associated with a breach.  These can accumulate quickly, along with having the knowledge of specialist providers to engage after a breach has occurred.  Insurers have agreements with specialist providers including Accountants, IT Forensic consultants and investigators, Solicitors, Credit Reporting agencies and Public Relations Firms to respond in line with the insurer’s requirements in the event of a breach.

As your Adviser, you will always contact Citycover in the first instance and we will guide you through the claims process as this can vary from insurer to insurer.

Just because you are in the “cloud”, doesn’t mean you won’t be a target of an event. If you have stored your client’s information and your cloud service provider suffers a breach where your client’s data becomes compromised, you may incur costs associated with defending your business against your client’s loss after a breach. These costs can increase quickly and dramatically. Additionally, you must consider how you will continue operations if your service provider is compromised.

Make sure you regularly update your passwords, along with making them unique with a mix of alpha, numerical and symbols to ensure you and only you know your passwords.  And don’t use the same password twice!