Cyber Crime Insurance.
Organisations are increasingly dependent on technology to run their businesses. With this reliance however comes a potential threat serious enough to cause an organisation severe reputational and financial harm.
Cyber Crime Insurance is an insurance product used to protect businesses and individual users from Internet-based risks, and more generally from risks relating to information technology infrastructure and activities. Risks of this nature are typically excluded from traditional commercial general liability policies or at least are not specifically defined in traditional insurance products. Coverage provided by Cyber Crime Insurance policies may include first-party coverage against losses such as data destruction, extortion, theft, hacking, and denial of service attacks; liability coverage indemnifying companies for losses to others caused, for example, by errors and omissions, failure to safeguard data, or defamation; and other benefits including regular security-audit, post-incident public relations and investigative expenses, and criminal reward funds.
Phishing is one of the major risks for people and businesses alike, with increasingly sophisticated tactics being employed to fraudulently obtain sensitive information like usernames, passwords and Mastercard details.
Breaches may also result from negligence, either by a corporation or its third parties, and from rogue employees who are looking to achieve financially or to wreck a corporation and disrupt its operations.
Insured Events May Include
- Computer Fraud – Computer Fraud (including Phishing), Electronic Data Loss and Computer Virus
- Extortion – Loss sustained due to Extortion (where hackers hold your data, website, computer systems, or any other sensitive information hostage until you meet their demands for payment.)
- Contractual Penalties – Loss sustained on account of liability for Contractual Penalties
- Fraudulent Transfer Instructions – Loss due to Fraudulent Transfer Instructions in the business.
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