Holman Insurance Brokers Ltd. understands Cyber Liability and Privacy Rick are growing at an exponential pace, and that it is not only an IT risk. Business need to have a strategy to protect and mitigate the impact of an event. Media and Technology are revolutionizing the way we communicate and transact business.. Yet traditional insurance policies have not kept up with this evolving landscape. that is why you need to talk to Holman Insurance Brokers Ltd. who work with specialist insurers to provide comprehensive protection for the cyber, privacy and media risks faced by companies in their day to day operations.
What are some of the risks?
Cyber attacks occur every minute of every day in every industry. Key exposures that businesses encounter are:
– Privacy Breach (unauthorized access by employees)
– Accidental data breach (lost laptop)
– Business Interruption (no access to systems or data)
– Network Security Breach (hacking)
– Network Extortion (Malware)
– Fraudulent Funds Transfer (Social Engineering)
Why get coverage?
Some of the key reasons to carry Cyber insurance coverage are:
1) Technology & computer systems are now used in all industries and operations
2) Regulatory Requirements are expanding + US and EU regulations are borderless
3) Access to Incident Response Team & Legal Services is included in the policy limit
4) Cyber Exclusions may exist within other insurance policies (i.e. Errors & Omissions, Directors & Officers, CGL)
5) Reputational harm mitigation
Our CPM – Cyber, Privacy & Media is a policy that has been designed with the future very much in mind. It is a modular policy which allows companies to tailor the cyber, privacy and media cover they buy to the risks they face. Coverages include:
- Cyber liability, privacy liability and first and third party privacy breach notification costs
- Comprehensive cyber crime cover including phishing scams, telephone hacking, identity theft, wire fraud and cyber extortion
- Consequential reputational harm cover which gives direct protection for loss of net revenue as a result of a security breach or denial of service attack
- No retroactive date meaning there is no restriction on when the event which gave rise to the liabilities occurred
- Cover for data held ‘in the cloud’
- Comprehensive multimedia liability, protecting against claims for intellectual property rights infringement relating to all forms of content, including user generated content
- Cover for regulatory actions and investigations
- Technology errors and omissions
- Court attendance costs
- Crisis communication costs
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