Why Do You Need Cyber Insurance?
While the instant costs of a data breach such as loss or theft of electronic data are hefty, the hidden costs can be shocking.
Attacks could lead to shut down of servers, loss of customers and cause damage to the reputation of your company.
Cyber insurance offers several improvement measures, high limits and timely intervention to cover the costs of cyber attacks.
One single exposure is all a hacker needs.
What Does Cyber Insurance Cover?
Third Party Claims:
This coverage protects the insured against liability to third parties resulting from a failure to secure data. It includes claims for compensation by third parties, costs related to investigations and defense, as well as fines and penalties incurred for breaching the Privacy Act.
First Party Costs:
This coverage reimburses the insured for expenses incurred in response to a data breach. This includes costs for IT forensic investigations, credit monitoring services, public relations efforts, and cyber extortion expenses, such as ransom payments to hackers.
Business Interruption:
This section offers reimbursement for the insured’s lost profits due to the breach, along with any extra expenses necessary to maintain normal business operations.
This coverage protects the insured against liability to third parties resulting from a failure to secure data. It includes claims for compensation by third parties, costs related to investigations and defense, as well as fines and penalties incurred for breaching the Privacy Act.
First Party Costs:
This coverage reimburses the insured for expenses incurred in response to a data breach. This includes costs for IT forensic investigations, credit monitoring services, public relations efforts, and cyber extortion expenses, such as ransom payments to hackers.
Business Interruption:
This section offers reimbursement for the insured’s lost profits due to the breach, along with any extra expenses necessary to maintain normal business operations.
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Contact Matrix Insurance today on (08) 6555 7742 to speak with an insurance broker who can help you.
