FAQs - Cyber Risks business insurance
What is Cyber Risks insurance?
Cyber risks insurance protects companies against risks related to information technology (IT) infrastructure and activities. Most cyber risk policies cover some (or all) of the following:
- Legal lawsuits following a breach of private information or defamation
- Expenses incurred to recover data, conduct a security audit, pursue investigations, or carry out public relations activities, following a cybercrime
- Support for the consequences of an interruption of online activity
- Consultant fees necessary to end any threat of extortion
- Reimbursement of ransoms
- Financial compensation for the loss of data
Do I need cyber risks insurance?
Not every business needs cyber risks insurance. However, BLACAZ. Cyber Risk insurance plan is essential if your business holds any confidential information – this includes customer data (i.e., their email, address, contact number, bank details, etc.), credit card information, payment details, any personal identifiable information.
Also, if your business faces IT-related risks (such as having a remote workforce who may fall victim to cybercrime), an InsurD Cyber Risk policy is a small investment that could save your business!
What does Cyber Risks insurance not cover?
Generally, cyber risk insurance plans do the cover the following:
- Potential future lost profits
- Loss of value due to theft of your Intellectual Property
- The cost of improving internal technology systems, following a cybercrime
Our company already has a cyber risk plan. Can I switch insurers?
If your policy is due for renewal soon, switching is easy! Your new BLACAZ. Cyber Risk plan can take effect immediately after your existing one expires.
Even if your policy’s expiry date is some time away, you can secure your BLACAZ. Cyber Risk plan today, and when it’s time for the switch, we’ll make sure the transition is seamless – with absolutely no gaps in coverage.