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What Are The ‘Gotcha Clauses’ Hiding in Your Cyber Insurance Policy?

By Surewise 9/11/2020

Technology has progressed significantly over the last decades and improvements in efficiency and connectivity has made some big changes in the business world.

Of course, these advancements aren’t all good news. There are new risks to consider and the risk of cyber attacks is a big one. These can come through a range of avenues and can cause privacy breaches or internal financial losses.

Cyber Insurance is a great way to make sure that you are covered should your business be the target of a cyber-attack and will get you back to work quickly following a cyber incident. 

Being so new, Cyber Insurance is also very complex. At SUREWiSE, one of our expert insurance brokers can help you navigate the policies to get you the best deals and expose any of the gotcha clauses!

What Does Cyber Cover Include?

Cyber Insurance can cover a large range of incidents and costs that can occur as a result of cyberattacks. There are a wide variety of coverages available to respond to a cyber event. These include:

  • Privacy breaches and crisis management costs
  • Privacy and Security Liability
  • Cyber extortion
  • Loss of profits from business interruptions
  • Data recovery and system outage
  • Regulatory defence and fines
  • Media Liability

There is a lot to consider here and a lot of complex information to wade through as well. This doesn’t take into account the smaller details, like additional covers, policy options and exclusions, that you might also want to think about.

Cyber Insurance is tailor made to the organisation to provide cover for any liability and expenses the business may incur as a result of a cyber breach. If the wrong cover is taken out, or it isn’t as comprehensive and tailor fitted as it should be, you risk major financial and legal repercussions.  

That’s why we strongly recommend using an experienced insurance broker when taking out Cyber Insurance… and for reliability and expertise, you can’t go past SUREWiSE.

If there are any ‘gotcha clauses’ hiding in your Cyber Insurance policy, we’ll work with you to find them and get you the best deal for your company!  Get in touch with our team today to get cyber secure.

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