Cyber liability

What is it?
What is it?
Cyber Liability Insurance helps protect businesses and individuals from financial losses and liabilities resulting from cyber incidents and data breaches. Alongside the onward march of cryptocurrencies and blockchain technology a new set of cyber exposures is fast emerging. This insurance provides financial assistance and risk mitigation in the event of cyber attacks, data breaches, and other related incidents.
Why do you need
Cyber Insurance?
Mitigate Financial Risks
Improve Cybersecurity Posture
Ensure Business Continuity
Protect Against Legal Liabilities

Who would benefit?

Cyber crime is evolving rapidly making Cyber insurance increasingly important for a wide range of organizations and individuals in today's digital landscape.

  • Businesses of all sizes
  • Technology companies
  • Healthcare organizations
  • Financial institutions
  • E-commerce and retail businesses
  • Professional service providers
  • Educational institutions
  • Non-profit organizations
Cyber Risk insurance provides coverage for both first-party losses and third-party liability arising from data security breaches and the disclosure of or failure to protect private information.

On a first-party basis:

Cyber Risk insurance can provide coverage for data breach response costs, investigation and notification expenses, loss of income arising from a network interruption cyberextortion payments and data restoration.

On a third-party basis:

Cyber Risk provides coverage for costs of defense and any resulting awards arising from claims made by third-parties alleging damages from the unauthorized disclosure of data resulting from a network security breach.
Crypto currency and its variations are an acceptable form of payment for ransomware attacks.

We have taken a broad approach regarding the definition “Claim Expenses” and “Cyber Event” to include vectors that are uniquely crypto related.

In addition to coverage income and extra expenses in the event of a network interruption, we have also contemplated coverage for contingent interruption to the extent a vendor is impacted by a cyber event. Coverage for PCI Fines and assessments can also be included to the extent relevant.
What is Covered?
  • Loss arising from a Cyber Event
  • Loss arising from a security breach
  • Loss arising from theft or disclosure of paper records
  • Data and system restoration costs
  • Loss of income and extra expenses incurred in the wake of system business interruption
  • Costs and expenses, fines and penalties resulting from a regulatory investigation
  • First-party and third-party privacy breach notification costs
  • Loss arising from cyber threats and extortion
Who is covered?
The company and its subsidiaries - Any past, present, future senior executive officer or employee of the company or its subsidiaries‍.
What is Excluded?
(examples of exclusions – not meant to be exhaustive)
  • Claims arising out of any actual or alleged antitrust violations
  • Loss sustained as a result of the loss of an unencrypted portable device
  • Claims arising out of any wilful or dishonest acts of senior officers
  • Claims arising from claims or circumstances known at inception
  • Claims arising from war, terrorism, invasion, or insurrection with carve back for cyberterrorism and electronic terrorism
  • Claims arising from Bodily injury and property damage with carve back for mental anguish and emotional distress