Cyber Insurance is not an option for today's business - it is a must to protect your organisation from the devastating financial consequences a cyber attack can cause.
NWC Insurance’s integrated solutions deliver our clients a more cost effective insurance solution. The risk control frameworks we develop for the businesses we work with, make our clients the preferred choice of policyholder for cyber insurers. We use our management reporting tools to actively engage your insurer as a valuable partner in the ongoing improvement process.
In addition, our proprietary Cyber Risk Profiler tool allows us to design a Cyber Insurance Programme which is specific to your businesses needs.
What type of Cyber Events can be insured?
This will differ from insurer to insurer however an insurable event is generally considered to be unauthorised access to your computers system which permits the introduction of:
- a hacking attack
- malicious code or malware
- a denial of service attack on your operating system
- industrial espionage
- identity & data theft
These forms of cyber attack are intended to cause disruption to an organisation resulting in loss of income, extra expenses and potential cyber liability for any compromised data. In some cases cyber criminals motives are cyber extortion where demand financial payment in return for sensitive data.
In most cases the attackers will usually have a motive to extract value or demands from an organisation's data. Examples of the type of data theft include:
- personal identifiable information
- payment card information
- private health information
- employee information
- confidential trade secrets
The potential cyber liability can significantly increase depending on the sensitivity of the data you hold within your system. In other cases it can be a hacktivist which simply as motivations for political puropses to cause as much damage as possible to the business resulting in significant loss of income, extra expense and reputational harm.
What can be covered by Cyber Insurance?
All Cyber Insurance products are generally structured around "First Party Losses" and "Third Party Losses" following an insured event.
First party loss coverage provides insurance for Business Interruption expenses and loss of income following a cyber event. It also provides for additional costs associated with responding to a cyber event such as Crisis Response, Notification and Monitoring Costs.
- Business Income & Expenses - Key ares of coverage:
- Business Interruption & Loss of Income
- Damage to Digital Assets
- Cyber Extortion
- Crisis Response Costs
- Notification & Monitoring Expenses
Third party loss coverage provides insurance against claims made by a third party (including employees), regulatory proceeding or other civil, criminal, administrative proceeding in relation to an insured cyber event.
- Cyber Liability - Key areas of coverage include:
- Cyber Security & Privacy Liability
- Regulatory Breach Liability
- Media Publishing Liability
- Professional Liability
What sum insured should I select?
We provides or clients with sophisticated tools which facilitate a detailed analysis of simulated scenarios. This allows our clients to make informed decisions about insurance limit adequacy and cost / benefits analysis.
Want to find out more about how NWC can help protect your business from Cyber Risk?
Talk to us today on 1300 400 707 or get to touch at email@example.com.