Cyber liabilities describe the risk exposures to a business which arise from the use of their computer network, the internet, data storage and any electronic data exchange (e.g. email). Contrary to common belief, it is not purely large multi-national organisations or banks which are targeted, but also an ever increasing amount of private, small and medium sized enterprises. Cyber risks are real and need to be taken seriously by the board of directors of all companies.

Cyber insurance is designed specifically to help an organisation manage and control the impact of a cyber attack or data breach and get it back to business as quickly as usual.

As well as protecting the firm financially if someone brings a claim arising from use of the internet, email, intranet, extranet or company website, cyber insurance can cover loss of customer data and the consequential losses and fines that may arise from this.

It can also cover the company’s own IT systems if they are attacked or damaged (for example by a virus, malware, ransomware, etc.), as well as the resultant damage to reputation and potential loss of profits associated with a cyber breach.

An important element of cyber insurance is the provision of immediate access to professional IT consultants and advisors in an emergency, as well as paying for forensic costs, public relations costs, and regulatory defence and penalty costs as a result of a cyber extortion.

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