Because no one can protect you 100%!!
Cyber-attacks against business are increasing, SME’s believe they are not at as much risk as their larger cousins, however, according to Symantec over 30 per cent of phishing attacks in 2015 were launched against smaller SME’s and 50 per cent of all cyber attacks are targeted at SME's (Lindros, 2019). Perhaps the most important aspect of Cyber insurance for an SME is the incident response component. Larger organisations have internal resources and generally, clear plans for responding to a cyber breach and returning to a ‘business as usual’ state as soon as possible. SME’s do not have this luxury and hence must rely on their cyber insurance policy to provide this critical service. Most SME’s do not have cyber insurance, in fact, only about 15% have it (Sloan, 2019). This suggests that most SME’s are not prepared for breach response and are still exposed to the high cost of cyber incidents. It could mean the difference between staying and in business or becoming a statistic.
of consumers will no longer support businesses who lose credit/debit card information in a data breach
of businesses have cyber insurance, that means up to 85% are exposed to great risk
What we cover
If you suffer a cyber event that causes a network interruption resulting in a loss of income we will insure your losses up to the value on your policy. Includes your network that is under the control of a service provider.
If you have to undergo data recovery, restoration or re-collection due to a cyber event, we will pay for the recovery costs up to the value on the policy.
If you sustain a direct monetary loss from social engineering fraud, we will pay or for the value of goods or monies transferred which occur as a direct result of a cyber deception event up to the value on the policy.
We will reimburse you for any cyber extortion monies that arise due to a cyber extortion threat, where we are permitted by law up to the value one your policy.
Information security and privacy liability
We will indemnify you for the damages awarded against you for an actual or suspected cyber event, we will also cover the related defence, investigation and settlement costs up to the value on the policy.
Privacy regulatory defence and penalties
We will indemnify you for the amounts which you become legally obligated to pay, including defence costs and expenses, as a direct result of a civil regulatory action arising from a breach of privacy regulations up to the value on the policy.
Data breach notification expenses
If you are required to notify customers of a breach of their personal information, we will pay for legal expenses, public relations expenses, postage expenses and related advertising expenses up to the value on the policy.
Crisis management costs
We will pay any fees reasonably and necessarily incurred by you for the engagement of a public relations consultant, advertising expenses and legal expenses, in order to avert or mitigate any material damage to your reputation up to the value on the policy.
Breach identification and containment
We will assist you in identifying and containing the security breach and scope of issue and will provide a preliminary report.
We will connect you with legal advisors to advise you on the legal requirement to notify customers, and corresponding with any relevant authorities.
Remediation and IT forensics expenses
We will conduct a preliminary forensics assessment to agree scope and remediate any cyber event.
We’ll connect you to a public relations firm to help you protect your reputation in the event of a data breach.