Cyber risks have increasingly come into the focus of companies due to technical innovation and raising connectivity. Whether those risks result in a loss of confidential or personal data or in business processes being interrupted or hampered by ransomware, DDoS attacks etc., significant financial losses are often the consequence, even if no bodily injury or property damage is caused.
In case of cyber incidents a multitude of costs and damages can occur from just one event, such as:
- Incident Response Costs (Forensics, Legal Advice).
- Data Breach Response (Notification, Credit Monitoring).
- Business Interruption Losses and Extra Expenses.
- Contingent Business Interruption Losses and Extra Expenses.
- Data Recovery Costs.
- Privacy Regulatory Defence Costs.
- Fines and Penalties (where insurable).
- Privacy & Security Liability.
- Cyber Extortion by ransomware.
Reputational damage RiskPoint’s Cyber Liability Insurance covers businesses for the above named risks resulting from cyber perils. The insurance cover may be triggered at the insured’s first suspicion, providing first response assistance through a cyber emergency hotline. Subsequently the insurance provides coverage for almost all related costs and damages, both 1st party losses and 3rd party liability claims due to incurred or alleged financial losses.