Cyber Insurance protects you against liabilities claims related to a data breach and the costs of reacting to rectify the situation or the losses sustained as a result.
Increased reliance on digital systems and access to information online significantly increases our vulnerability to cybersecurity threats. Azure Risk understands how to minimize gaps and tailor coverage for loss, compromise, or electronic data theft. The main areas of cover include:
Business interruption: expenses and lost revenue due to a ransomware attack, distributed denial-of-service (DDOS), operator error (accidental deletion of data), or any other computer virus or malware attack impairing a computer system. Our policies go beyond the cover typically provided in an Office Insurance package.
First-party coverage: expenses relating to recovery from damage to computer programs and electronic data. For example, incident response (an actual or suspected cyber event), data and system recovery, and cyber extortion.
Third-party privacy and network security liability: breaches of personal or corporate information and data protection laws.
Funds transfer fraud and telephone hacking: fund transfer fraud involves a malicious hack; telephone hacking involves unauthorized access to a phone, such as intercepting calls or recording conversations. Social engineering is a type of cybercrime that uses techniques to trick people into sending money or divulging confidential information such as passwords, bank details or other personal, protected or proprietary material. When directed toward business entities, the goal is to fool employees into sending money, diverting a payment or transferring funds to the fraudster.
We cover extra expenditures resulting from the physical destruction or theft of information technology assets and typically include costs associated with the following:
Meeting extortion demands from a ransomware attack.
Notifying customers when a security breach has occurred.
Paying legal fees levied as a result of privacy violations.
Hiring computer forensics experts to recover compromised data.
Restoring identities of customers whose PII was compromised.
Recovering altered or stolen data.
Repairing or replacing damaged or compromised computer systems.