Cyber Liability
The fact that information technology is now at the centre of organizations small and large, whether in the private or public sectors, has brought new risks. These risks are mostly associated with loss or corruption of data, which can have a debilitating effect on an organization’s ability to operate.
The threat of virus or hacker attack and the loss of sensitive data can also cause problems and pose threats to an organization’s revenues and profit. Companies also have a responsibility to protect their customers’ data, with failure to do so potentially leading to legal action, a resultant loss of confidence and the potential of a damages payment.
ACE provides insurance cover for a wide range of losses, mitigating the effect on bottom line profits.
Product Highlights:
- Cover for loss of business and data rectification, whether through total network failure or one of a number of other causes
- A range of specific matters are covered, from the loss of credit card information to crisis management costs
Cover:
First party cover includes:
- Loss or corruption of data through network security breach, unauthorized use of the computer system, computer virus, human error, or accidental damage or destruction of data media
- Business income and extra expense cover, which helps a company to survive the impact of loss of business income through a failure in the computer systems.
- Crisis management and notification costs, with coverage including the cost of hiring expert assistance to mitigate the effect of the incident - and the costs of notifying relevant parties in the event of a data breach.
Third party cover includes costs liable to pay to others as a result of trading electronically or of storing or using data electronically, including:
- Damages or costs incurred through disparagement, plagiarism or infringement perpetrated through computer systems or website's
- Liabilities from breach of privacy or confidentiality
- Transmission of virus or a denial of service attack
Optionally, cover can be extended to include regulation defence, fines and penalties, and contractual liability.