Cyber Liability products are designed to protect businesses of all kinds against a broad range of first party and third party liability cyber exposures that arise when their customer’s private and confidential information is breached or stolen.
The following elements of coverage are now readily available:
Third Party Claims – covers your liability to third parties from a failure to keep their information secure, this includes claims of compensation by third parties, investigation and defence costs, along with the fines and penalties from breaching the Privacy Act.
First Party Costs – reimbursement costs incurred by you in responding to a breach, which may include IT, credit, Public Relations expenses and Cyber extortion Costs.
Business Interruption – covering your consequential loss of profits resulting from a breach, along with additional necessary expenses you incur to carry on business as usual.