Cyber Select is a new proposition from
The speed of digital transformation presents businesses with a new level of risk as companies become ever more reliant on digital solutions and cyber-crime becomes ever more sophisticated and costly.
In 2018 the most common fraud in the
Businesses will be insured against liabilities stemming from a cyber-attack, including costs and lost income, plus forensic IT and legal support in the event of an actual or suspected breach. There's also access to a 24/7 incident response helpline, specialist claims team and free risk management support.
Comprehensive cover includes:
Business Interruption cover - loss of profits due to unavailability of IT systems.
The indemnity period covers profits lost up to 180 days following the event, which automatically starts after 12 hours of business interruption.
Privacy and confidentiality breach - covers the costs associated with a data breach
This covers the cost of damages (defence costs and those awarded) for the loss suffered by third parties as a result of a data breach, even when this does not result from a wrongful act.
Data breach response costs - to help a business regain control
This includes regulatory and legal advice costs, call centre costs (a dedicated hotline to handle enquiries from customers and third parties) and credit monitoring costs of affected third parties.
As part of the crisis management cover where a breach occurs, or is suspected Cyber Select will cover the reasonable and necessary fees and expenses of an IT forensic expert to identify, contain and repair a breach.
Access to a panel of experts provides businesses with information to help reduce the likelihood of a breach occurring. This includes complimentary access to
'Taking preventative steps is key, as Cyber hackers use sophisticated methods and businesses need to do all they can to stay one step ahead. Through our expert risk management panel, businesses can examine their system's strengths and vulnerabilities to lower their overall risk. However, should a data loss or theft happen customers can be reassured that they also have access to specialist advice, support and cover to help them recover after a breach.
'Cyber Select is more than just insurance, it's an opportunity to access a whole suite of experts who are specialists in helping businesses identify, detect and recover from cyber-attacks.'
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