The financial impact of cyber-attacks and data violations are often unexpected and unprecedented.
Help protect your business from malicious acts and cover your business in an event of threats to your intellectual property and personal information.
What is Cyber Security Insurance?
Cyber security insurance or a Cyber liability policy is designed to help protect businesses from the potential effects of cybercrimes such as inadvertent loss or release of customer personal information, cyber-crime, cyber extortion/ransomware, malware and business interruption due to a cyber event.
What does Cyber Security Insurance Cover?
The most prominent cyber risks are privacy risk, security risk, operational risk, and service risk. Generally, cyber insurance is designed to protect your company from these primary risks:
- Network security and privacy liability
- Network business interruption
- Media liability
- Errors and Omissions
Cyber liability insurance can also cover the follow items:
- Cyber extortion – including hiring negotiation professionals, extortion demands or future threats.
- Replacing electronic data– cost of data recovery and replacement
- Security and private liability – data breaches including third party data loss that may damage your business reputation
- Defence costs – legal expenses for defending claims
- Regulatory breach liability – legal costs arising from investigations from government regulators
- Electronic media liability – costs of copyright breaches, claims of defamation and misue of online IP
- Crisis management expenses – covers costs of crisis management caused by cyber hackers
- Notification and monitoring expenses – costs of communicating to customers of security breaches and monitoring their credit card details to stop future attacks.
Who should have Cyber Security Insurance?
Simply put, if you are operating online, or storing and managing customer data online, this insurance is vital for your protection. Organizations that create, store and manage electronic data online, for example, customer contacts, customer sales, as well as credit card numbers must have cyber insurance to protect their sensitive data. Cyber liability insurance would also be relevant for companies looking to protect their intellectual property from breaches or attacks.
Why Insure with Amfin?
At Amfin, we take pride in the advice we give our clients. To us, it’s more than just insurance, it’s tailored advice to help you plan your today and secure your tomorrow.
We will work with you to ensure both the essentials and your requirements are covered. Peace of mind is what we will deliver for you by ensuring you have a thorough policy that won’t catch you by surprise. Our team of knowledgeable consultants are here to understand your needs to find the right policy cover. Chat to us for a tailored insurance solution for your unique needs.
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We have friendly and experienced team members ready to help with your finance needs, whether they be business or personal.
Experience the Amfin difference. Contact us for a no obligation chat today.