CYBER LIABILITY INSURANCE

With many Businesses now experiencing some sort of Cyber Crime, protecting your businesses IT, Website & Client Information is now becoming as essential as having deadbolts on your front door. Cyber Liability & Privacy Protection Insurance has been designed to address the evolving exposures and claims a client may face from relying on their emails, the internet, websites, computer programs, data and storage platforms and especially from storing information about your clients.

What does the cyber liability cover?

The Cyber policy can be broken into 2 parts;

Claims made against you

Privacy Protection – third party claims from a failure to keep data secure such as credit card information, bank account details, medical history or financial history
Cyber Liability – third party claims as a result of content in email, on the intranet, extranet or Website that may cause the 3rd party to suffer a loss

Claims for your own losses

Breach Costs – reimbursement of your own costs when a data breach occurs
Cyber Business Interruption – Compensation for lost or reduced revenue
Cyber Extortion – Payment of ransom demands, and specialist consultant fees, where a hacker holds, or threatens to hold your website, extranet, intranet, network, programs or data to ransom
Hacker Damage – Reimbursement for costs to repair, replace or restore systems and data as a result of a hack

The New Privacy Act also came into effect in Australia on 12 March 2014, which gives the Privacy Commissioner greater enforcement powers, including the ability to penalise individuals up to $340,000 and $1.7million for corporations. Can you afford to cover these costs?

If you are a business that retains client information, has a website that takes automated payments via credit card, or merely has a website that you may not be able to afford to rebuild then you need Cyber Liability & Privacy Protection Insurance. At Navigates General Insurance we can provide an easy application process to obtain you a quotation. Please contact us if you require further information or would like a quote.