Cost associated with notifying the authorities and the affected persons, investigating the incidents, taking measures to contain the damage and recover the data, as well as fines and court costs.
Cyber Crime - Ransomware
In return for decryption, the hackers/criminals demand a ransom, usually in the form of crypto currency. Your policy will provide you with a team of experienced experts to help you navigate this negotiation.
Cyber Crime - Email Attack
Attacker gets a business email address and uses it to defraud the company, its customers or its employees. Again, your cyber insurance policy will provide you with a team of experienced experts to source the breach, stop the breach, notify the affected parties and the regulator as well as covering the cost of fines and any defence required.
Loss of income or revenue as a result of damage to your reputation and your operational outage – i.e. your business being shut down or suspension of trading for a period.
Your insurance company will offer support to help you manage cyber risks to your business. This may happen online, during on-site visits to your business premises or on-demand.
Third Party Liability Costs
Third party liability costs are typically compensation costs payable and defense expenses incurred should you be deeemd to be liable .These could include, but are not limited to, customers, suppliers and employees.