Professionals

Cyber

The use of IT technology and the reliance on electronic data within the business environment has expanded exponentially in recent years. Cyber liabilities describe the risk exposures to a business which arise from the use of their computer network, the internet, data storage and any electronic data exchange (eg; email).

Cyber insurance is designed to help an organisation manage and control the impact of a cyber attack or from a data breach and is designed to get it back to business as quickly as possible.

It will cover the company’s own IT systems if they are attacked or damaged (for example by a virus, malware or ransomware) including forensic and data restoration costs and can also extend to include any resultant loss of income.

GDPR regulations are well published and a cyber policy can also cover losses arising from a data breach – both own expenses (eg, notification and/or forensic costs) and any third party costs incurred from a privacy of security liability as well as fines that may arise from this.

An important additional benefit of a cyber insurance policy is access to an emergency response hotline providing immediate access to specialist IT consultants and advisors in an emergency, as well as paying for forensic costs, public relations costs, and any regulatory defence and penalty costs as a result of a cyber extortion or data breach.

If you have any concerns about your possible vulnerability to a cyber attack please contact Cox Mahon to discuss how Cyber Insurance can offer peace of mind and support.