Cyber liability is the loss that can arise from a wide range of electronic exposures, including the theft, destruction or modification of customer information or data.
All companies have some exposure to cyber risks to one degree or another. Any business which has data on third parties or employees should consider their exposure. The more voluminous and sensitive the information, the greater the potential liability.
The risks associated with cyber threats are becoming more and more apparent with businesses experiencing threats on a daily basis.
The most common cyber threats include:
- Hacking
- Denial-of-service attacks
- Information extortion
- Software glitches
- Lost or stolen phones and laptops
- Privacy violations
- Rogue employees & contractors
- Employee mistakes
The extent of these threats can range from being a nuisance to a major crisis that can lead to a damaged reputation and expose your business to financial loss.
What does it cover?
Our insurance gives you peace of mind as it help cover financial losses to your business, your customers and other parties following a cyber security breach.
This cost recovery can include costs associated with :
- Loss of revenue due to interrupted business
- Hiring negotiators and paying ransom
- Recovering or replacing your records or data
- Liability and loss of third party data
- Defense of legal claims
- Investigation by a government regulator
- Copyright infringement
- Misuse of intellectual property online
- Crisis management and monitoring
- Prevention of further attacks
What isn’t covered?
As with any insurance there are limits and exclusions that apply.
There may also be a deductible, excess or limits on this type of cover so check with your Wereck insurance broker.