Cis Group Business Solutions

Cyber and Privacy Insurance

Cyber and Privacy Insurance

Cyber-crime is increasingly becoming one of the leading business risks globally. The illegal release of personal information like customer or employee records, credit card details or patient information can not only affect you financially but can also harm your intellectual property, client trust and reputation. 

In today’s digital world, it’s never been more critical to protect your private information of employees and clients, as well as your digital assets and online systems which could be compromised.Talk to CIS Group about Cyber and Privacy Insurance. 

Who is it for? 

All businesses, large or small, can be the target of cyber-attacks. As technology advances and more companies have an online presence, Cyber Liability is a threat to all businesses. Cybercriminals can commit internet and computer crimes via social engineering fraud, phreaking, phishing, or other forms of cyber fraud with the intent to steal company or client data or money from your organisation or business. 

What does this insurance cover? 

There are two main Cyber Insurance policy types to consider when it comes to protecting your business from cyber crime. 

Cyber Crime Insurance (or Cyber Crime Policy Extension) 

A typical Cyber Crime Policy will provide cover for: 

• Theft of Money due to a Cyber Crime event, for example, social engineering fraud, phreaking, phishing, or other forms of cyber fraud involving loss of money. 
• Limits available are generally up to $250,000. Limits above this will typically require a more comprehensive risk analysis and underwriting assessment. 

Cyber Liability and Privacy Protection Insurance 

A typical Cyber Liability and Privacy Protection Insurance policy will provide cover for: 

• First Party (own) costs and expenses (excluding theft of Money) as a result of a Cyber event, or breach of Privacy as defined by the Insurer’s policy wording. 
• Fines and penalties incurred as a result of a Cyber event, or breach of Privacy, as defined by the Insurer’s policy wording. 
• Business Interruption/Consequential Loss (excluding theft of Money) as a result of a Cyber event, or breach of Privacy as defined by the Insurer’s policy wording. 
• Third Party costs and expenses (excluding theft of Money) as a result of a Cyber event, or breach of Privacy as defined by the Insurer’s policy wording. 
• Limits available are generally up to $10,000,000. Limits above this will typically require a more comprehensive risk analysis and underwriting assessment. 

For more information or to arrange cover for you or your business, please contact the team at CIS Group.