Top 3 types of cyber claimsJune 15th, 2018
There are a few types of cyber claims, we feel it important that you are aware of the types of claims that can arise in a cyber policy as it is important you understand exactly what you are covered for.
Theft of data-
The first cyber claims that you will be covered for is the theft of data. Data is a valuable asset and one in which that can be the difference between a business’s ability to operate successfully or not. The fact that data has value will make it worth stealing as it can also be valuable to others. This makes it an enticing target for cyber criminals. This type of claim will cover the cost of rectification should data be stolen. These costs vary and can run into the thousands, so I am sure that this may be something you wish to cover as paying these costs yourself can cause major problems with cashflow.
Theft of funds-
You will be able to claim for any money that has been stolen from a company bank account. The increase in online banking and the advances that have been made for companies to be able to move money between accounts means that there is an increased risk of passwords being stolen and accounts being hacked. You should also make it good practice that you change passwords regularly and avoid storing them in any unsecure location.
Damage to data asset-
Should your business experience damage to a data asset as a result of a cyber breach or incident they will be able to claim the rectification costs back. Often when a data asset is damaged it could be result of a virus of malicious attack. In this instance it would be advisable that an IT specialist is used to rectify the situation and depending on the type of issue can become very expensive. However, with cyber insurance you will be able to recover this cost. It is also worth noting that insurers will be able to provide you access to the best IT experts in order to rectify your issue quickly. Data asset damage can also occur as a piece of machinery or device becomes damaged, in many cases this will be covered under your cyber policy.