Cyber Insurance
Data and systems are key assets for most companies because without them you cease to exist. From a lost device to a more deliberate cyber-attack, ITOO Cyber Insurance provides your business with access to expert knowledge and resources to effectively manage and recover from a cyber incident.
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Proposal Checklist
These are all the things you'll need to complete a Cyber Insurance proposal form
Why get your Cyber Insurance covered by iTOO?
Designed to cover the resultant costs and damages from a privacy breach or a network security breach, a cyber insurance policy covers what has previously been uninsurable providing comprehensive first and third-party coverages with an expert incident response process.
Far broader than the name cyber would imply, our policy extends to cover numerous incidents including but not limited to:
- Cyber extortion and malware (viruses, ransomware, or publishing of stolen data).
- Denial of service (disruption to operations).
- Downstream attack (a compromise of your environment resulting in damages to others).
- Hacking.
- Insider and privilege misuse (unauthorised access and use of systems and data by employees and service providers).
- Physical theft and loss (both devices and physical hard copy data).
- Threats posed by third party access into a client environment.
Our comprehensive cyber insurance policy can be tailored to your requirements and provides the following coverages:
We are different
Our cyber insurance offering includes a defined incident response process including a wide range of experienced specialists with a local presence as well as global experience and expertise, spanning the following key areas:
- IT response costs to understand, mitigate and recover from the incident
- Crisis communications and public relations costs, to reduce potential reputational damage and customer churn
- Notification and remediation services, to prevent affected parties suffering further damages
Claim examples
Scenario
An employee clicks on a link in an email and malware is downloaded which encrypts all information throughout the organisation. A ransom demand is received requiring payment in 24 hours in exchange for the key to decrypt the information.
- Policy trigger: network security breach (malicious code)
- Potential incident response costs: specialist’s costs to recover operations and calculate lost revenue as a result of downtime, increased cost of working i.e., overtime once the information is decrypted, extortion negotiation fees, actual extortion payment, specialist costs to contain and remove the malware as well as recover data, forensics, legal consultation fees and incident response manager fees.
Scenario
The incorrect attachment is accidently mailed out to a third-party. The attachment contains personally identifiable information belonging to employees and customers.
- Policy trigger: privacy breach
- Potential incident response costs: credit and identity theft monitoring expenses for those whose personally identifiable data was disclosed, forensics, legal consultation fees for defence and settlement of ensuing liability claims and incident response manager fees.
Scenario
An online platform provider suffers a denial of service attack which results in their clients’ not being able to access their hosted portals for several hours.
- Policy trigger: network security breach (denial of service attack)
- Potential incident response costs: specialist’s costs to recover operations and calculate lost revenue as a result of downtime, increased cost of working i.e., overtime once the portals are back online, costs to set up and operate a call centre for enquiries, public relations expert fees to minimise the reputation damage, forensics, legal consultation fees and incident response manager fees.
How to get cover
All iTOO business has to be done via independent brokers so please ask your broker to contact us if you would like to get a quote for your Cyber Liability cover. If you do not have a broker and would like us to recommend possible FAIS registered brokers trained in our products, please fill in your details on our Find a Broker page. If you are a broker and would like more detail about our cover, please contact one of our product experts, whose details can be found here.
How to claim
Our emergency incident response hotline is available 24/7 on:
Speed, efficiency and experience is critical to reducing the exposure, costs and reputational damage. With iTOO’s Cyber Insurance Policy you are assured of access to highly acclaimed expert resources including experienced cyber mitigation and incident response specialists with a local presence and proven capabilities.