Cyber Crime Insurance
CYBER CRIME INSURANCE
Protection against breach of confidential information.
• Provides protection against claims due to breach of confidential customers’ information (personal and corporate information).
• Provides fees, costs, and expenses for legal advice in connection with an investigation by the Data Protection Authority.
SUMMARY OF COVERAGE
Protection against Cyber Attacks
• Reputation protection – costs in repairing company ’s and individual ’s reputations
• Notification and monitoring costs – costs due to required disclosure of data breach
• Costs of IT experts:
– To determine the extent of damage of electronic data due to a breach of data security
– Cost of restoring, recreating, or recollecting lost/corrupted data – Review reason of breach and fix the system
• Cyber extortion – extortion loss paid to end a security threat against the insured
• Network interruption – cost incurred and loss of net income as a result of network interruption or cloud failure
Cyber Crime Insurance Cover:
• The costs of forensic experts to establish what data was stolen from which individuals
• The costs of notifying the millions of individuals whose data had been stolen
• The cost of credit monitoring for the affected individuals to make sure they
suffered no ongoing losses after the information theft
• The costs of a legal breach coach to prepare the business for investigation