Cyber Liability Insurance

If we look back, Cyber Liability was hardly discussed in small businesses. As the digitalization of businesses and processes picked up its pace so are Cyber Liability related claims.

The risk is rapidly growing day by day. It does not matter how big or small your business is, cyber liability protection is key to safeguarding your business.

At Aaxel insurance, we work hard to get you the right cyber insurance coverage at competitive price.

When business systems are breached or hacked, you can incur costs to cover notifications, professional public relations, containment and repair expenses and above all risk of lawsuits brought on by 3rd parties.

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Business Insurance Claim Examples

You are running a very successful business and your systems are hacked and your customers’ financial information is compromised.

Your Cyber Liability Insurance is reported about the claim and it covers the cost to notify customers, credit monitoring, covers legal fees and the costs related to repair your data systems.

You are a physician and a cybercriminal/ hacker steal your customer confidential information.

Your Cyber liability policy will cover the cost to notify clients and subsequent legal expenses.

You are a professional and a cybercriminal / hacker tricks your employee into clicking a malicious link, your systems are compromised and the cybercriminal gets hold of your client’s confidential financial information.

Once you notify your cyber liability insurance company a crisis management plan is put into action asap. Your Cyber Liability Insurance covers the costs of informing clients whose information was compromised and provides credit monitoring.

Top 5 Questions related to Cyber Risks and Liability

What is Cyber Liability Risk?

The potential of loss or harm related to technical infrastructure or the use of technology within an organization is called Cyber Risk. In simple terms Cyber risk is commonly defined as exposure to harm or loss resulting from breaches of or attacks on information systems

Who Should Have Cyber Insurance?

Almost all and every type of business needs Cyber Liability Coverage. e.g.

  • Website Operators and e-tailers
  • Healthcare Providers
  • Leisure and Entertainment Companies
  • Retailers
  • Manufacturers and Wholesalers
  • Professional Service Companies
  • Educational Institutions and
  • anyone who is not in this list.

What is Cyber Liability Insurance?

Cyber liability insurance covers financial losses that result from data breaches and other cyber events. Most cyber policies include both first-party and third-party coverages. Some coverages may be included automatically while others are available “a la carte.”


 

First-Party Coverage

First Party Coverage pay expenses your firm directly incurs as result of the breach, such as the cost of informing your customers about a hacker attack. Third-party coverages apply to claims against your firm by people or companies that have been injured as a result of your actions or failure to act. For instance, a client sues you for negligence after a hacker steals his personal data from your computer system and releases it online.

First Party Coverages

Here are the types of first-party coverages you are likely to find in a cyber liability policy. These coverages may be subject to a deductible.

Loss or Damage to Electronic Data

Covers the cost to replace or restore electronic data or programs damaged, destroyed or stolen in a data breach, whether the data belongs to your firm or someone else. Losses must result from a covered peril such as a hacker attack, a virus, or a denial of service attack. Policies may also cover the cost of hiring experts or consultants to help preserve or reconstruct data.

Loss of Income and Extra Expenses

Covers income losses you suffer and extra expenses you incur to avoid or minimize a shutdown of your business after your computer system fails due a covered peril. Some policies, including the Hartford and Travelers policies cited above, cover dependent income losses. These are income losses you sustain when your network provider’s system has been breached.

 

Frequently Asked Questions About Life & Financial Insurance

Get straight and simple answers to all your insurance frequently asked questions.

These FAQs were gathered from Canadian like you.

Malware: malicious software that usually make their way through with link clicks and attachment downloads.

Phishing: fraudulent emails to steal information or encourage malware downloads.

DDoS (Distributed Denial of Service): bombarding a business’s server with multiple simultaneous requests to stop it from fulfilling legitimate requests.

Yes. According to StatCan, one-fifth of all Canadian businesses were targeted by hackers in 2017. Hackers especially prefer small businesses because they are considered ‘low-hanging fruits. Cyber security measures are expensive, and small businesses usually don’t have the infrastructure and trained personnel in place to prevent these attacks.

Cyber Insurance, Explained.

What is Cyber Liability Insurance?

Cyber Liability Insurance covers costs associated with cybercrime involving your computer systems and customer data.

As businesses move into the digital space, cybercrime is becoming more common, making it challenging for business owners to protect themselves from cyber-attacks. If hackers or cyber criminals infiltrate your business network, take over your website, hold data hostage, or steal sensitive client information, you can be held liable for the incident besides having to take care of the recovery costs.

What is the cost of Cyber Liability Insurance?

A low limit of Cyber Liability Insurance (~ $50K) is typically included in Professional Liability Insurance policies for an additional $100 – $200/year. Business owners who store sensitive data or require a higher limit may opt for a standalone policy, which costs approximately $750 – $1K/year.

The following factors are typically taken into consideration when determining the cost of your premium:

Industry and Services Offered

Amount of Client Information Stored

Security Systems In Place

Employee Training on Cybersecurity

In the online quote application, we ask your business some questions to understand your coverage needs better.

What does it cover?

Cyber Liability Insurance covers costs associated with cybercrime involving your computer systems and customer data.

As businesses move into the digital space, cybercrime is becoming more common, making it challenging for business owners to protect themselves from cyber-attacks. If hackers or cyber criminals infiltrate your business network, take over your website, hold data hostage, or steal sensitive client information, you can be held liable for the incident besides having to take care of the recovery costs.

What is not covered?

Cyber Liability Insurance does not typically provide coverage for damage or loss due to:

  • An employee hacking or damaging your systems or data.

  • A power surge or failure resulting in damage to your systems or data (this is covered by Equipment Breakdown insurance).

  • Patent/IP infringement (you can purchase this coverage separately).

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