CYBER LIABILITY

Cyber liability cover typically includes first-party coverage against losses related to cyber attacks, such as hacking, malware, theft and extortion, as well as indemnification against lawsuits related to these attacks that customers may bring.

The indemnification extends to errors and omissions that may have caused the attack, such as failing to secure a network, as well as covering costs resulting from payment of ransom costs, restoration of systems, data recovery, lost income due to business interruption, and customer notifications. Policies also often include public relations responses to an attack.

Cyber Liability indemnity for first party expenses and third party liability

Cyber liability is a specialist insurance product that provides indemnity for both first party expenses as well as third-party liability resulting from a data breach, virus, or other cyberattack. It also provides covers for fines and penalties from regulators for actual or perceived violations of data protection regulations. Any business that stores sensitive data in the cloud or an electronic device should have Cyber Liability