Cyber and privacy liability insurance

Protection against major incidents.

Insuring against a major breach

With cyber attacks, malware, ransomware and privacy breaches making daily headlines, the need to develop a comprehensive security and privacy strategy is pressing. An important part of a security and privacy strategy can be cyber and privacy insurance. These insurance policies protect against risks relating to information security and privacy, risks that could include but are not limited to:

Cyber insurance

  • Malware
  • Unauthorized access
  • Security breach
  • Release of data through the carelessness of an employee or vendor
  • CEO Fraud, Business e-mail compromise (BEC) or Social Engineering
  • Loss of use and the resulting business interruption
  • Costs incurred to recover from a breach

Privacy insurance

  • Notification costs
  • Costs to defend claims by regulators
  • Fines and penalties
  • Loss resulting from identity theft
  • Business interruption
  • Data loss or destruction
  • Cyber extortion

Every organization needs to look into cyber and privacy insurance as part of a comprehensive cyber protection strategy. It is important to determine the policy and level of insurance you need and feel comfortable with. Finding an insurer in your field with experience in cyber and privacy insurance is essential, so look for an insurer with a proven track record in this domain.

Buying insurance is not the end of it. An organization needs to deploy the necessary resources to shield itself from risk, as insurance policies require that reasonable steps have been taken to protect assets. Insurance policies are a last resort to protect an organization from the catastrophic consequences resulting from a major breach.

Want to hear more on how to find an insurance policy that is tailored to your needs? Contact us