In view of the recent cyber security loss bill ,increased in data breach and enquiries from PDPC, there is an increasing importance of cyber liability insurance.
Cyber
Cyber Risk
- Risk emerging from the use of ICT that compromises the confidentiality, availability, or integrity of data or services.
- either caused naturally or man-made (human failure,
- cyber criminality, cyberwar, and cyber terrorism)
Cyber Liability Insurance protects you against liabilities arising from data protection laws, management of personal data and the consequences of losing information. For individuals this includes credit card numbers, medical records, birth dates, passport numbers and other private personal information which can be stolen and used inappropriately. Equally the loss of corporate information such as intellectual property and proprietary information could severely disadvantage a business.
With network attacks and security becoming a significant global issue, our insurer cover you for direct first party losses also, such as the consequences of a cyber or denial of service attack (DDOS) including loss of revenue and increased costs to rectify; cyber extortion such as ransomware, recovering lost or destroyed data, notification, monitoring and forensic investigation expenses and lost income.