Cyber insurance generally covers your business' liability for a data breach involving sensitive customer information, such as Social Security numbers, credit card numbers, account numbers, driver's license numbers and health records.
Covers a wide variety of third party electronic crimes involving: theft of money and fraud, including phishing, electronic wire transfer fraud, telephone hacking and social engineering. Our policy also covers the personal assets of SEOs in the event that their funds or identities are stolen.
On top of standard data repair and reconstitution, we provide a full limit for costs associated with reconfiguring and rebuilding systems and networks after a system failure or corruption following a cyber attack, including staff overtime costs and external specialist consultants.
Cyber attacks are often discovered long after they first occur. Our policy is one of the very few to offer cover for events that occur prior to the first inception date of the policy, aligning cover with the point when the breach was first discovered, rather than when it first occurred.
By providing cover on an each and every claim basis, we ensure that our policyholders aren’t restricted by a policy aggregate and that the full benefits of cover are available each time a crisis strikes, even if they experience multiple cyber incidents in the same policy period.
We provide a separate, full, additional limit to manage incident response costs, including forensic investigation costs and breach notification, in order to protect the main policy limit to pay for subsequent costs to handle potential litigation or regulatory actions.
There has been confusion as to whether a cyber or liability policy should pay in the event of a suit being made against the directors and officers. We remove that confusion by providing affirmative cover for liability against officers in the event that the liability policy doesn’t respond.
Any organization that uses technology to do business faces cyber risk. This risk is an exposure that no modern business can escape with financial impacts, privacy abuse and now cyber crime events are felt within all industries.
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Cyber Incident Response Costs
Cyber Crime
Cyber Extortion
System Damage and Business Interruption
Cyber and Privacy Liability
Reputational Harm
Technology Errors and Omissions
Costs in Addition | First Dollar Defense
Management and Media Liability
With solutions designed for businesses of all sizes, our cyber products provide cutting-edge, innovative cover to protect against the emerging threats of this modern age. As technology becomes more complex and sophisticated, so do the threats we face – which is why every business and organization needs to be prepared with cyber liability insurance.
Get InsuredAt Silmar Insurance, we understand the specific needs of this complexity of cyber threats and have cyber liability insurance solutions to help protect your business assets.
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