FAQs - Cyber Risks
What is Cyber Risks insurance?
Cyber insurance protects companies against risks related to I.T. (information technology) infrastructure and activities. Cyber risk policy indemnifies the company against:
- Legal lawsuit following a breach of private information or defamation
- Expenses incurred to recover data, provide security audit, or post-accident public relations and investigations expenses
- Support for the consequences of an interruption of online activity
- Consultant fees necessary to end any threat of extortion;
- Reimbursement of cyber-ransoms to pay
- Financial compensations for the loss of any data
Who needs Cyber Risks insurance?
Cyber Risk insurance is a must have for any business that deals with personal identifiable information i.e. any data that can be used to identify a person as well as any Information Technology related risks.
What does Cyber Risks insurance not cover?
Cyber-Insurance covers losses arising from internet-based risks and helps organizations to settle the costs involved with the recovery of a cyber-related security breach or similar event.
However like every other insurance, cyber insurance policies also have few exclusions that are important to understand.
- Potential future lost profits
- Loss of value due to theft of your Intellectual Property
- the cost to improve internal technology systems, including any software or security upgrades after a cyber event
How to switch insurance if I'm already covered?
Switching policy provider at the time of renewal, that is when your current insurance is near expiration, is straightforward. However, it's important to maintain the continuity of coverage while switching insurance providers. Our team at BLACAZ is always eager to assist you, so get in touch if you have any concerns.