Cyber Insurance is used to protect businesses from risks associated with information technology infrastructure and operations. Risks of this nature are typically excluded from traditional commercial general liability policies or not specifically identified in traditional insurance products.
Categories: Cyber Security
Tag: Cyber Insurance, Cyber Attack, Cyber Solution, DDos Attacks, Ransomware, Social Engineering, Spear Pnishing, Malware, Phishing, Web Based Attacks, Spam, Service Interruption, Intruder Threat, Boynets, Exploit Kits, Physical Manipulation, Damage, Theft, Loss
Cyber Insurance Contracts and Cyber Business Risk Management Cover Summary
- Cyber Incident Response
For Cyber Incidents reasonably suspected or confirmed;
– IT Forensics (juridical) Investigation costs
– Violation Notice
– Legal Consultancy
– Public relations
– Call center
Incident Response included
- Cyber Blackmail
In cases of cyber blackmail, coverage is provided for consultancy fees and reasonable costs to resolve the issue.Coverage for ransom related expenses (in insurable cases)
– Bitcoin Payment Opportunity
- Data and System Recovery
Coverage for data, loss, destruction, locking or corruption caused by the following situations:
– Malicious Action and Software
– Failure to provide Network Security
– Unauthorized Access
– Programming Errors
– Human Errors
– All or a part of the Computer System to mitigate the effects of the cyber incident.
reasonable and necessary closure
Cyber Insurance Additional Coverages
- Emergency Incident Response
– Using the services of a third party forensics firm to determine the cause and extent of the Cyber Incident or Business Interruption Incident that it reasonably suspects and confirms, and to initiate the process of stopping, reversing or remedying the effects of the Cyber Incident or Business Interruption Incident.
- Improvement Expenses
– It refers to the expenses for renewing or repairing the software or applications in the Computer System with newer upgraded and/or improved versions.
- Cyber crime
– Direct Financial Loss, which is exclusively the result of Theft of Money or Securities of the Insured due to Malicious Use or Access by a Third Party to a Computer System.
- Award Costs
– The arrest or detention of any person responsible for the Cyber Blackmail Incident;
a third party natural person who provides information that will enable his conviction a reasonable amount of money or other securities paid by the Insured Entity
- Telecommunications Fraud
– Unauthorized voice or data charges to the Covered Telecom System, or represents the amount billed for the unauthorized bandwidth.