Centor offers robust insurance solutions which will protect your business from a data breach.
With the increase in network attacks, business owners are now realising that cyber insurance should be purchased alongside the more traditional insurances such as property and liability insurances. As the market has grown, more insurers are now providing this type of cover.
Cyber insurance protects your business in the event of data breaches or malicious cyber hacks on work computer systems. This insurance provides cover on both a first party and third party basis.
First Party covers will typically include
- Response. Costs of identifying the cause of a cyber event and making recommendations as to how this can be mitigated or removed.
- Restoration. Costs to replace repair hardware/software following the cyber event
- Expense. Notification costs to affected parties and Regulatory Authorities and costs to minimise adverse publicity and reputational harm
- Extortion. Publicity/reputational costs and the value of any ransom paid.
- Business Interruption. Loss of income and increased costs of working.
- Cyber crime can also be offered as an extension.
Third Party covers include
- Cyber Liability. An award of damages and defence costs following a breach.
- Network Security Liability. An award of damages and defence costs following a cyber event which results from unauthorised access to data stored on a third party computer system, or interruption/degradation of a third party computer system.
- Media Liability. An award of damages following defamation, invasion of right to privacy, misappropriation of name for commercial advantage or infringement of intellectual property rights (excluding patents).
- Payment Card Industry Liability can be offered as an extension.
In a world of social media, it is important that Crisis Response is managed properly, so we will only recommend Cyber cover which includes a dedicated incident response team on hand 24/7. This means they can help manage everything from notifying potentially affected customers to monitoring social media following the incident.
What type of claims would be covered by a Cyber policy?
- An employee unintentionally attaches a file containing confidential and business critical client information to a marketing email sent to a large database of potential clients, including competitors, leading to a series of claims.
- A delivery firm has its systems hacked and is unable to track or plan deliveries leading to significant business interruption and loss of profits.
- The outsourced cloud service provider who undertakes all daily system backups is the victim of a cyber breach. Your contract with them will generally be on a limited liability basis leaving you exposed as the data owner suffering the potential for both first and third party claims together with reputational damage.
We have access to a range of insurers, so no matter what sector you work in, we can ensure you have the right cyber cover in place. And if the worst should happen, our in-house claims team will work to get your claim settled as quickly as possible, to get your business back up and running faster.
It is estimated that 95% of successful cyber-attacks have an element of human error involved. However, with the right training, your staff can be your company’s first line of defence.
To assist our clients, Centor have developed an E-Learning platform that is designed to develop your employees understanding of cyber risk, equipping them with the knowledge to spot cyber threats and know how to mitigate them.
Training is split into eight modules with an assessment to test your staff members understanding. The modules are interactive and engaging with knowledge checks and training for security best practices, ensuring your staff remain your best cyber security asset.
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