Today we are going to look at Cyber Liability Insurance. Following a host of recent cyber-attacks globally including the one on our very own HSE, more and more organisations are becoming aware of the risk of a cyber-attack. All organisations who operate with the use of computers or computer systems run a risk of a cyber-attack, particularly those who hold or process sensitive data. However, there is increasing risk of ransomware attacks which shuts down your systems and prevents use until such time as the ransom is paid. In the last number of weeks there has been a number of high profile attacks on the HSE (click here), the Colonial Pipeline in the US (click here) and JBS Meats (click here) the worlds largest meat processing company.
So what can you do to help mitigate any potential risks. Cyber Liability Insurance is a policy that can help deal with the impact of a cyber-attack or data breach. But, what is Cyber Liability Insurance? Cyber Liability Insurance helps you deal with the immediate fallout from a breach or attack including financial impacts. Policies can include first and third party impacts such as the following;
- Privacy Breach – the costs of dealing with notification of those impacted by the breach including fraud expenses and credit monitoring.
- PR – crisis management to deal with and reduce any negative publicity following an attack or breach.
- Data Restoration – the cost of restoring systems and data.
- Ransom – The cost of any ransom payments required to prevent the leaking or destruction of data or to restore systems following an attack.
Additional covers for criminal activity can be covered such as phishing scams which cover losses following fraudulent payments. You may think this is unnecessary. You wouldn’t get caught by one of these scams. And based on old scams you’d probably be right. We’ve all heard of the Prince who wants to share $100m dollars with us once we share our account details but in reality phishing scams have become more advanced. There has been cases where criminals copy authentic email threads and insert their own message into the email. The message advises that account details have changed and all payments going forward should be sent to a new fraudulent account. The scam isn’t discovered until someone realises they haven’t received their payment and then go looking for it.
There is a host of other extensions available to cyber policies to protect which we are happy to discuss with you. At Sound Insurance we work with specialist insurers who lead the way for Cyber Liability Insurance globally. The Team at Sound Insurance are specialists in Cyber Liability Insurance. Call us today on 01 524 2800 or visit sound.ie to find out more.
