Cyber risk is an exposure that no modern business can escape and the financial impact of system interruption, privacy and cyber-crime events are now felt within all industry verticals. With solutions designed for all sizes of business – from small start-ups to the largest, multinational companies – our cyber products provide cutting edge, innovative cover to protect against the emerging threats of the digital age. Some of the key features of these products are listed below:
TECHNOLOGY SUPPLY CHAIN FAILURE
Modern businesses have complex supply chains. System uptime is often dependent on factors outside of your control, including the availability of a wide range of outsourced technology providers. Our policy allows you to extend full limits to third party technology providers.
FULL LIMIT FOR REGULATORY FINES & PENALTIES
In most jurisdictions regulators are empowered to levy significant fines against companies that experience a breach of sensitive personal data, often compounded over multiple years. As standard, our policy provides full limits for regulatory actions including defense and indemnity.
SYSTEM REPAIR COSTS
On top of standard data repair and reconstitution, our cyber policy provides full limit cover for costs associated with reconfiguring and rebuilding systems and networks after a system failure or corruption, including staff overtime costs and external specialist consultants.
UNLIMITED RETROACTIVE COVER
Most privacy breaches are discovered long after they first occur. In the healthcare sector, this problem is compounded by the fact that regulatory actions can be enforced for past violations spanning multiple years. Our policy is one of the very few to offer full cover for events that occur prior to the first inception date of the policy, aligning cover with the point when you first discover the breach rather than when it first occurred.
Almost every contract you sign includes warranties and indemnities in relation to a breach of confidentiality, from merchant service agreements through to non-disclosure agreements. Understanding this major source of liability, our policy is careful not to include a contractual liability exclusion.
72-HOUR EMERGENCY COST PROVISION
In the event of a major system failure or data security breach, the last thing you need to worry about is your insurance carrier. That’s why we include a standard provision that allows you the ability to handle the incident with our pre-agreed panel of providers within the first 72 hours without any need for our prior written consent.
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