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What Is Cyber Insurance?
Say you’re responsible for someone else’s data, be it the minimal information in your business addressbook, or the records of thousands of clients’ spending habits or tax records. What would happen if someone gained unlawful access to your data? Or had access to your online banking details and was able steal funds from your account?
Cyber Insurance is a specially designed solution which addresses the liability of companies arising from data protection laws, the management of personal data and the consequences of losing corporate information.
What Is Cyber Insurance?
According to Adrian van Hest – the Price Waterhouse Cooper (now PwC) national cyber partner – six per cent of New Zealand firms have experienced a cyber-attack at least once a year, and the absolute number of security breaches is on the rise.
A recent article in the New Zealand Herald corroborated the ever increasing risk of companies being hit by cyber criminals. It also provides some excellent advice on how you can help prevent cyber crime affecting your systems.
But even with the best practices in place you cannot guarantee you will not become a target. You would be wise to protect yourself and your company with Cyber Insurance.
If you are interested in an obligation-free quote, get in touch with us today.
Paramount Insurance has been working with underwriters to put together a Cyber Insurance package for this emerging risk. We cover you in the cases of:
- Breach of personal/corporate information;
- Breach of Data Protection by an Outsourcer where the Data User or Policyholder is legally liable;
- The theft of an access code from premises, Computer System or employees;
- The destruction, modification, corruption, damage or deletion of data stored on any computer system due to a breach of Data Security;
- The physical theft of hardware;
- Data disclosure due to a Breach of Data Security;
- Civil and Criminal defence costs, including defence costs in respect of any criminal prosecution brought by a Data Protection Authority;
- Data Administrative Investigations by a Data Protection or other authority;
- Data Administrative Fines imposed by a government authority, regulator or data protection authority for a breach of data protection laws or regulation;
- Notification & Monitoring Costs if legally required to advise affected parties after a data breach;
- Repair of the Company’s and Individual’s Reputation due to a claim covered by this policy;
- Wide Definition of Insured including director or partner, in-house counsel, data protection officer, Chief Compliance Officer, employee, estates or legal representatives of any insured;
- Wide definition of Data, Data Protection, Breach of Duty;
- First Party & Third Party Loss cover.
- Media Content;
- Cyber Extortion incurred as a result of a Security Threat;
- Network Interruption Insurance;
- Data Crisis Response Services.
Data Crisis Response Services
Dedicated hotlines to specialist legal and public relations advisors in the event of an actual or suspected data breach.
For further information or a quote, please contact the friendly staff at Paramount Insurance.
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Homes used to be insured by the floor area of a property. From mid 2013 homes will have to have a sum insured specified.
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