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From regular technology to social media and even online transactions; they all play a key role in how organisations and businesses conduct themselves. These channels also serve as a breeding ground for cyber attacks. Whether launched by regular hackers, criminals or even nation states, cyber attacks are highly likely to occur to any business online at some point or another. The damage they do however, can never be predicted, from moderate to severe loss for businesses big and small. As part of risk management, companies now need to consider the necessity of technology insurance, otherwise known as cyber insurance.
What Is Cyber Insurance?
The term cyber insurance refers to a cyber risk insurance policy or cyber liability coverage. It’s designed specifically to help an organisation or business mitigate their exposure to risk. This is carried out by an adequate insurance policy that helps to offset the costs involved during recovery of a cyber-related security breach or an event similar. Cyber insurance policies taken out by companies are constantly increasing which shows that organisations are recognising the need for its existence more than ever.
Generally speaking, however, cyber insurance covers everything from investigations to determine how the event occurred, to business losses to privacy and notifications as well as lawsuits and extortion. Do keep in mind however, that cyber insurance is still very much evolving. Just as cyber risk itself changes frequently, so too will cyber insurance policies.
The Benefits :
- Full limit coverage for fraud and dishonesty of employees.
- No exclusion for “cyber-terrorism” - For Communications, Media and Technology (CMT) companies.
- Coverage for cyber liability, first & third-party privacy and network security.
- Broad and comprehensive coverage provided for intellectual property rights infringement.
- No limitations for insured losses caused by untargeted malware.
Servca Specialise In Cyber Insurance
Here at Servca, we recognise the need for a fully comprehensive cyber cover, which is why we work with speciality Lloyd’s of London syndicates in not only the development but the underwriting of emerging risks to ensure our policies are the most up to date they can be. We cover global professional indemnity, directors & officers as well as cyber liability. What we offer is essentially an enhanced insurance policy that’s been specifically designed to cater to the needs and inherent risks of the global technology sector.
We’re underwritten by market-leading insurers and are competitively priced to ensure everyone, regardless of whether you’re a private or publicly traded company, gets the best deal possible. At Servca, we’re leaders in emerging risks and pride ourselves on offering value for our clients, which when compared with other policies, help us stand out from the crowd. Our individual benefits include full limit coverage for fraud and dishonesty of employees.
Contact Us Today
We also have a no-exclusion for “cyber terrorism” for all communications, media and technology (CMT) companies. On top of this we offer coverage for cyber liability, both first and third party privacy as well as network security, a broad and comprehensive coverage that’s provided for all of your intellectual property rights infringements and a no-limits policy against insured losses caused by non targeted malware. For more information on our technology insurance and how we can help you, contact us today.