Cyber attacks pose a real threat to all companies dealing with electronic data on: mobile devices, computers, servers and/or websites.

SMEs can be targeted by hackers, as a back door means of attacking larger organisations and, even where robust systems are in place, risks associated with employee error can never be totally eliminated.

To understand what a cyber liability insurance policy can cover, consideration needs to be given to both 1st party and 3rd party losses.

1ST PARTY LOSSES
Direct costs incurred by a business following a cyber breach i.e.
– Loss or damage to websites, programmes or electronic data – Costs to restore, update, recreate or replace
– Impact on ability to trade – Loss of income
– Damage to reputation – crisis containment and P.R. costs to minimise reputational damage
– Defence costs in respect of regulatory breaches e.g. data protection act
– Notification costs, following a data breach – notifying customers and/or regulators
– Cyber extortion – ransom demands

3RD PARTY LOSSES
Claims made by other companies/individuals i.e.
– Legal liabilities resulting from a security breach e.g. virus transmission / breach of confidential client or employee details
– Multimedia liability – liability arising out of inadvertent negligence in respect of digital media content e.g. websites, emails, blogs etc

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