Commercial businesses face a wide range of first and third party liabilities arising out of cyber exposures associated with e-business, internet, networks and information assets. Companies with access to private & confidential information about their customers have a responsibility to keep it secure. Equally, companies who have a web presence or a dependency on technology have emerging content and transactional exposures.
Coverage
Data breach and privacy management: The insurance company covers the costs associated with the management of an incident related to cyber-crime. The covered expenses here include the cost of 1. Investigation 2. Data subject notification 3. Call management 4. Remediation 5. Credit checking for data subjects 6. Legal costs 7. Court attendance and regulatory fines
Multimedia and media liability cover: This insurance covers the third-party damages including specific defacement of website and intellectual property rights infringement.
Extortion liability cover: The cyber insurance policy also covers the losses due to a threat of extortion and the professional fees related to dealing with the extortion.
Network Security liability: This may include the third-party damages as a result of the denial of access, costs related to the theft of data on third-party systems etc.
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