Benefits of Cyber Insurance

Business interruption
cover

Cover for any net income that would have been earned in the company's ordinary operating activities including the coverage of extra costs that occurs as a result of a an attack on a company's network

Cover the costs
of restoring data

Research, replace, restore or recollect software and any electronic data due to a network attack

Forensic data
examination

Costs incurred to investigate, examine and analyse a computer network

Network extortion
coverage

Cover for the costs incurred to avoid, defend or preclude extortion as a result of a network security failure

Hacker theft
coverage

Cover for any loss incurred from any fraudulent or erroneously paid funds. This typically relates to any expenses related to cyber extortion or terrorism such as the theft or destruction of any stored data, hardware, access codes for premises, computer system or cyber extortion by employees

Legal defence
costs

Typically any Breach Consultation Services required as a result of a cyber-breach relating to costs such as legal, forensic and public relations assistance

Third party
liability

Reimbursement of the costs that are incurred in relation to a breach of private or personal information, corporate information, Media and Social Media (including defamation, intellectual property rights and plagiarism)

Privacy breach
cover

Typically any costs associated with any privacy breach including customer Notification costs, Call Centre Services, Credit Monitoring, Identity Theft Resolution and Public Relations expenses incurred with existing customer


Overview of Cyber Cover

Policy benefit Limit of cover Excess / Deductible
Business interruption loss
(Loss of profits due to Cyber interruption)
10% of your selected sum insured, subject to a maximum of $100k Greater of your policy excess or 12 hours Waiting Period
Third party liability cover
(damage to another party eg a client or supplier)
Your selected sum insured and 10% of Aggregate Limit of Liability for Fines/Penalties Your selected policy excess
First party crime: Hacker Theft Cover
(e.g. someone hacks into your systems)
5% of your selected sum insured subject to a max of $25k Your policy excess but subject to a minimum of $2,500
Costs to restore your lost data 25% of your selected sum insured As per your policy
Breach consultation services cover, to cover the cost of experts assistance during and after a cyber loss 10% of your selected sum insured Nil Excess
Cyber breach response services cover
(e.g. for Notification, Credit & Identification Monitoring)
10% of your selected sum insured Nil Excess
Public relations costs for damage control
(e.g. communicating with your customers)
10% of your selected sum insured Nil Excess
Network Extortion Coverage for damage control
(e.g. communicating with your customers)
10% of your selected sum insured Nil Excess
Data forensic expenses cover to cover the cost data experts 25% of your selected sum insured As per your policy

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