While these advancements have introduced significant convenience and efficiencies in our communications, banking, and everyday life, it has done the same for the criminal underworld. It is easier, more efficient, and much more lucrative for criminals to ply their trade digitally rather than physically.

A global pool of criminals can easily conduct funds transfer fraud, phishing scams, extortion and ransomware attacks, malware attacks, etc. from the comfort of their home at any time, day or night.

Cyberattacks are the modern crime and anyone can fall victim.

CONSIDERATIONS

• 80% of breaches do not get reported.
• Majority of breaches are against small to mid-sized companies.
• Hosting your data with third-party cloud providers does not transfer your risk.
• Banks will not reimburse you for a funds transfer loss if you are negligent.
• Less than 5% of Cyber claims involve third party litigation, which is why adequate first party limits are so important.

• Type of breach, how data is defined
• Adequacy of 1st party coverages and limits
• Third party cloud hosting
• Rogue employees
• Encryption warranties

• Voluntary breach notification
• Retroactive dates
• Terrorism exclusion
• Social engineering (phishing), call back provision

What Protection Does a Cyber Insurance Policy Provide?

A properly designed cyber insurance policy will cover the following costs:

• Legal fees and damages from litigation by
• Impacted customers
• Fines and penalties from regulatory bodies
• Cost to hire a breach coach
• Cost to hire IT forensic experts
• Notification costs
• Credit monitoring costs
• Public relations costs
• Data restoration costs
• Funds transfer losses
• Ransom payments
• Business interruption loss
• Reputational costs

Why Purchase Cyber Insurance?

• Data is one of your most important assets, yet it is not covered by traditional property insurance policies.
• Cybercrime is the fastest growing enterprise threat in the world.
• Breach notification laws make it mandatory to report data breaches, and failure to do so can lead to significant fines and penalties.
• Your brand and reputation are at stake.
• A cyber policy provides a wide range of breach response services, helping minimize the impact of a breach.