Cyberattacks, operational errors and technical failures all have the ability to paralyse your business, which may lead to significant financial loss, regulatory issues or lasting reputational damage. Here's how Zest Insurance can help.
What is Cyber Liability insurance?Cyber Liability insurance is intended to cover financial losses (first party and third party) and legal costs from cyberattacks, data breaches, and other technology-related risks, covering businesses from losses resulting from cyber threats. Cyber policies can include cover for loss-mitigation expenses through to third-party damages and even ransom payments that threat actors may demand for your data.
Why do you need Cyber Liability insurance?
Small business owners often assume that cyber criminals target corporate organisations, so you might be surprised to learn that many ransomware attacks are directed at small businesses. Recent data shows that a limited understanding of the frequency and significant impact of cyber attacks is holding small businesses back from protecting themselves.
Small businesses can be attractive targets for cyber crime because they have information that cyber criminals want, yet they often have gaps in basic cyber safety that create significant vulnerabilities or habits that inadvertently make them more vulnerable to cyber crime.
Consider the sensitive data that your business holds, then think for a moment about how your business would be affected if you experienced a data breach, virus or other cyberattack.Cyber Liability insurance can help to cover your business for certain financial losses and expenses if this were to occur.
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Key features of Cyber Liability insurance from Zest InsuranceOur Cyber Liability insurance includes coverage such as*:
IT security and forensics costsCovers investigating and resolving cyber incidents such as identifying breaches and remediating the cause.This may also include hiring cyber security experts or computer forensics experts, and implementing security measures to restore and protect systems.
System damage and rectification costEncompasses expenses for repairing or replacing IT systems and compromised data due to a cyber incident, (e.g. software and hardware, recovering lost data, and ensuring system functionality).These costs are vital for your business to swiftly resume operations and minimise downtime post-cyberattack or technical failure.
System business interruptionPayment for income lost during system downtime which restricts normal business activities. Cover includes lost revenue, ongoing expenses despite the interruption, and potential extra costs to restore operations.This ensures financial recovery for your business during periods of halted or slowed operations due to cyber events.
Consequential reputational harmCover which compensates for financial losses stemming from decreased customer trust, lower sales, and lasting damage to the brand image of your business. May cover expenses for public relations efforts to restore reputation and compensate for lost business opportunities and clients deterred by the incident.
Cyber extortion costsThis is for expenses dealing with threats like ransomware attacks. Coverage includes payments to end threats, negotiation costs, and professional services expenses. It may cover investigating the incident and implementing preventive measures, ensuring effective handling and recovery from such threats.
Incident Response teamAdditionally, Chubb has its own Cyber Security Incident Response team that can assist you as you become aware of an attack or breach.
* Please refer to the Zest Insurance policy documentation, underwritten by Chubb Insurance Australia Limited, for full details of cover!
First-party insurance covers the costs associated with responding to a cyber incident and the financial impact on your business for claims covered by the policy.Third party insurance provides cover for the financial loss of others if they make a claim against your business for damages due to your cyber event which is covered by the policy.
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Consider the impact of a cyber incidentHere are some examples of potential Cyber Liability claims that illustrate how easily cyber incidents can impact small businesses**:
BookkeeperRansomware attack encrypting critical financial data, including client records and payroll information, leading to business interruption and financial losses.
IT ConsultantAn IT consultant’s own systems are hacked, providing the threat actors an easy gateway into the systems of the consultant’s clients too.
Casting Agency ServiceUnauthorised access to databases containing personal information of models and actors, leading to potential identity theft or unauthorised use of personal data.
Conference and Event Organiser Breach of customer payment information during online registration for events, leading to financial losses and reputational damage.
Disabilities Services ProviderData breach exposing sensitive information of clients with disabilities, leading to regulatory fines and lawsuits for violations of privacy laws.
Marketing agencyCyberattack targeting the organisation's website, resulting in website defacement, data theft, and disruption of online services through the agency’s digital client portal
Consumer Credit Reporting ServiceCyberattack targeting credit reporting databases, resulting in unauthorised access to consumer credit information and potential identity theft.
** These examples are hypothetical, based on the types of scenarios that could potentially lead to a Cyber Liability insurance claim for a small business. All claims are assessed by Chubb on a case-by-case basis and are subject to the terms, conditions, exclusions and limits of the Chubb Multipack Policy Wording.
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