Cyber Security Insurance

It used to be so simple before the Internet era…If your employee stole cash from your business or forged a cheque, a crime insurance policy would cover it. If a non-employee broke into your business and stole money from the safe, a business combined would take care of the loss, under the peril of theft.

But the world we once knew has changed, and continues to evolve both socially and technologically….and it’s moving more quickly than ever.

Our businesses now depend upon technology and that reliance is expanding, as is cyber & data or ‘data’ theft and therefore our need to insure this evolving risk.

What if that same employee stole your customer’s credit card information or sold on sensitive information?

What if your computer network were hacked and your customer’s patented business information you were contractually obligated to protect was stolen?

Would your crime policy still respond?

The answer is, unlikely, hence why cyber & data liability insurance can be just as important as crime insurance to keep you and your reputation protected.

A crime insurance policy is designed to protect an insured business’ assets from theft by both employees and other third parties. Defined as a first party coverage, the policy is triggered if the insured sustains a direct loss because of theft.

It includes standard insuring agreements such as employee theft, forgery or alteration, theft on premises or in transit, counterfeit currency, computer fraud, funds transfer fraud and credit card fraud. It is very specifically designed to cover money, securities or other tangible property.

Cyber & Data liability policies are designed to insure loss of intangible property and the costs of rectifying systems damage. Think of your employee’s HR records, your company’s copyrighted material, formulas or documentation, your client’s personal information etc.

These are not tangible items, and thus not covered under a standard crime policy as mentioned above. The cyber & data liability policy also contains some first party coverages designed to directly reimburse you for specific costs and expenses associated with a breach.

Still unclear as to why do you need both? Each insurance policy serves a purpose in protecting your business’s assets, but neither covers all of the exposures. So in simple terms: –

Crime covers the fraudulently taking of money or property and Cyber & Data covers your IT system and data.

The truth remains that no ‘standard’ policy exists. And even though it may appear that crime exposures are addressed and covered in a cyber & data liability policy and vice versa, be wary of the exclusions, coverage triggers, and definitions. It is very likely that what may appear to be duplicate cover is far from it.

Busines News Wales:     Image: Nick Youngson

For more information on Cyber Security Insurance, please contact Cyber Security Intelligence, for advice.

You Might Also Read: 

Cyber Risk Insurance: A View From The Prudential Regulation Authority:

Cyber Insurance Report 2017 - 2018 (£):

Insurance Will Reduce Cyber Losses:

 

« North Korean Cyber Gangs Blitz the Irish
US Ready To Fight Hybrid War By 2030 »

CyberSecurity Jobsite
Perimeter 81

Directory of Suppliers

BackupVault

BackupVault

BackupVault is a leading provider of completely automatic, fully encrypted online, cloud backup.

Cyber Security Supplier Directory

Cyber Security Supplier Directory

Our Supplier Directory lists 6,000+ specialist cyber security service providers in 128 countries worldwide. IS YOUR ORGANISATION LISTED?

DigitalStakeout

DigitalStakeout

DigitalStakeout enables cyber security professionals to reduce cyber risk to their organization with proactive security solutions, providing immediate improvement in security posture and ROI.

ZenGRC

ZenGRC

ZenGRC - the first, easy-to-use, enterprise-grade information security solution for compliance and risk management - offers businesses efficient control tracking, testing, and enforcement.

Practice Labs

Practice Labs

Practice Labs is an IT competency hub, where live-lab environments give access to real equipment for hands-on practice of essential cybersecurity skills.

TestFort

TestFort

TestFort QA Lab is a specialized software testing company offering independent quality assurance and software testing services.

GTB Technologies

GTB Technologies

GTB Technologies is a cyber security company that focuses on providing enterprise class data protection and data loss prevention solutions.

SecureDevice

SecureDevice

SecureDevice is a Danish IT Security company.

Privacy Analytics

Privacy Analytics

Privacy Analytics enables healthcare organizations to unleash the value of sensitive data for secondary purposes without compromising personal health information.

Cyber Security Academy (CSA)

Cyber Security Academy (CSA)

CSA organizes cyber security training with leading cyber security professionals who share their knowledge and expertise, as well as help develop your skills in training labs.

Cybercrime Investigation & Coordinating Center (CICC)

Cybercrime Investigation & Coordinating Center (CICC)

The Cybercrime Investigation and Coordinating Center (CICC) is an attached agency of the Philippines Department of Information and Communications Technology (DICT).

Wizlynx PTE LTD

Wizlynx PTE LTD

Wizlynx PTE LTD is the Singapore branch of Wizlynx Group located in Singapore, offering Information and Cyber Security Services throughout the entire Asia Pacific (APAC) region.

PBOSecure

PBOSecure

PBOSecure is a dynamic and progressive IT consultancy company specializing in IT and Industrial Control System (ICS) security.

FirstPoint Mobile Guard

FirstPoint Mobile Guard

FirstPoint Mobile Guard has developed the market’s most advanced solution for securing cellular devices, including mobile phones and IoT products, by blocking malicious data leakage.

Bright Machines

Bright Machines

Bright Machines delivers intelligent, software-defined manufacturing by bringing together our flexible factory robots with intelligent software, production data and machine learning.

Sectra Communications

Sectra Communications

Sectra successfully develops and sells cutting-edge solutions in the expanding niche segments of medical IT and cybersecurity.

Aujus Cybersecurity

Aujus Cybersecurity

Aujas is a pure-play cyber security services company with deep expertise in Identity and Access Management, Managed Security and Security Testing services.

Sentinel

Sentinel

Sentinel works with governments, media and defence agencies to help protect democracies from disinformation campaigns by developing a state-of-the-art AI detection platform.

Managed IT Services

Managed IT Services

Managed IT Services is a managed IT Services Company offering a diverse range of Cyber Security services and IT solutions.

OSI Security

OSI Security

OSI Security's primary services include penetration testing, security auditing, web application security testing and risk management.

Check Point Software Technologies

Check Point Software Technologies

Check Point Software Technologies is a leading provider of cyber security solutions to governments and corporate enterprises globally.