A Cyber Liability Insurance is designed to provide cover for liability to a business caused by a data breach in which the customers’ personal information, (such as credit card numbers), is exposed or stolen by a hacker or other criminal who has gained access to the business’s electronic network.
“The cyber threat to Australian organisations is undeniable, unrelenting and continues to grow. If an organisation is connected to the internet, it is vulnerable. The incidents in the public eye are just the tip of the iceberg.” (From The Australian Cyber Security Centre Threat Report 2015)
A Cyber Liability Insurance policy provides:
- Data liability which covers the financial consequences of losing data and can cover the cost of restoring, recollecting or recreating data after a leak or breach.
- Privacy and crisis management cover which provides cover for costs related to the management of an incident, to repair reputations, the investigation and the remediation. It also includes legal costs, court attendance and fines that might be incurred.
- Business Interruption which covers the loss of profit due to an interruption to the business following a cyber breach.
- Extortion liability which provides cover for losses caused by extortion (or threat of) including ransom payments and the professional fees incurred in dealing with the extortion.
- Cyber insurance also provides: Third-party damages caused by denial of access, costs related to data on third-party suppliers and costs related to the theft of data on third-party systems. It can also include specific defacement of website and intellectual property rights infringement.
Contact Citycover today for advice regarding Cyber Liability Insurance, on (07) 3270 1500.