Cyber security insurance protects businesses against fiscal, intellectual property, and reputational risks from a cyber-attack. SHC Insurance Brokers is increasingly the builders' and developers' partner of choice for commercial solutions, including cyber protection insurance.
About enterprise cybersecurity insurance
Cyber protection insurance protects businesses from the liability of computer hacking or a data breach.
What It Covers
Cyber liability insurance provides protection for:
Type of cover
Potential benefits
First party losses
Business interruption losses
Covers financial loss you may suffer as a result of a cyber attack.
Cyber extortion
The costs of a cyber attack, such as hiring negotiation experts, covering extortion demands and prevention of future threats.
Electronic data replacement
The costs of recovering or replacing your records and other business data.
Third party losses
Security and privacy liability
Damages resulting from data breaches, such as loss of third party data held on your system.
Defence costs
Funds the legal costs of defending claims.
Regulatory breach liability
Covers legal expenses and the costs of fines arising from investigation by a government regulator.
Electronic media liability
The costs of copyright infringement, defamation claims and misuse of certain types of intellectual property online.
Extra expenses
Crisis management expenses
Provides cover for the costs of managing a crisis caused by cyber hackers.
Notification and monitoring expenses
The costs of notifying customers of a security breach, and monitoring their credit card details to prevent further attacks.
Who should consider cyber protection insurance?
Cyber protection insurance is recommended for all businesses with electronic records, regardless of size, to cover businesses in cyber attacks and data breaches.
