Cyber Insurance. Are you covered?
In a recent post by Shaun Freeman here, the author references the critical elements required to protect your business from Ransomware using a very useful checklist.
Here at CTO, the managed it specialists, we have these technical aspects covered and can provide the perfect solution to our clients. But I wanted to drill into more detail surrounding point 11 – Cyber Insurance.
Through my Sam Networking activity, I have formed an alliance with Paul Turner at Konsileo who provided some really interesting and ‘share-worthy’ material on the nature of Cyber Insurance and the number of important benefits it delivers namely: –
Business interruption loss – If your organisation experiences an IT failure or cyber-attack that disrupts your business operations, your insurer may cover your loss of income during the interruption. Increased costs to your business operations in the aftermath of a cyber-attack may also be covered.
Privacy breach costs – Policies will either have a single clause or be split into two separate clauses: breach costs and privacy liability. A breach costs clause provides cover for costs that arise from dealing with a security breach, such as notifying customers. A privacy liability clause provides cover for privacy infringement claims and associated legal costs in the event of a breach, which is critical for all organisations that handle or store personal information.
Cyber-extortion – Your policy may cover you in the event that your organisation is infected by ransomware or any other malicious software that attempts to seize control of, and withhold access to, your operational or personal data until a fee in paid.
Digital asset replacement expenses – In the event that your organisation’s digital assets are lost, corrupted or altered in any way by a cyber-criminal, your policy may cover the costs.
Media liability – In the event that a libel, slander, defamation or infringement or intellectual property rights claim is brought against your organisation as a result of your digital media presence, your policy may cover you.
Forensic support – This provides your organisation with near-immediate 24/7 support for cyber-specialists following a hack of data breach.
Reputational damage – Your policy may recoup lost profits directly attributable to cyber-attacks.
Management liability – In this era of increased executive accountability and transparency, your policy may cover costs associated with defending senior management from cyber-attack fallout.
If you would like more information on how to protect yourself against cyberattacks, from both a technical and financial perspective, please feel free to get in touch.
All the best
Richard
