Every business has a cyber exposure. If you process credit cards, have a computer network, a website, or use email, your business can be significantly impacted by cybercrime. The reality of this risk exposure in our current operating environment makes Cyber Liability Insurance an essential inclusion in your business insurance program.
Regardless of the strength of your IT security systems, there is no failsafe way to protect your data. A data breach will not only affect your business, it can negatively impact your clients and customers.
Stolen intellectual property, financial details, birth dates and the loss of sensitive personal data can leave you held liable and exposed. The fallout of a cyber incident can potentially cause enormous damage to your bottom line and reputation if your system is breached.
A network security compromise is expensive and can lead to:
- Financial losses
- Reputational damage
- Loss of intellectual property
- Disruption to business
- Statutory Fines and Penalties
Although you cannot guarantee that your business will not fall victim to a cyber-attack, you can protect your financial and operational exposures with a Cyber Insurance policy.
Please note: Most traditional Business Insurance policies do not encompass Cyber Liability Insurance cover.
Please Note: Below are some of the more common insurance policy features, however, the list is not exhaustive and some features may not be offered by certain insurers. Please refer to the insurer-specific policy wording for inclusions, exclusions, terms and conditions.