Indagard Insurance Services Guide to Cyber Risk and Insurance
A helpful guide to how the Notifiable Data Breach scheme affects your business, the threats of cyber risk and the role insurance plays to keeping your business open for business.
A helpful guide to how the Notifiable Data Breach scheme affects your business, the threats of cyber risk and the role insurance plays to keeping your business open for business.
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INDAGARD INSURANCE SERVICES<br />
Business Interruption Costs<br />
This cover your loss as a result of a hack <strong>and</strong> <strong>to</strong> get you<br />
back in business again.<br />
<br />
Loss of income - compensating the business for<br />
lost income while it is dealing with the fallout from the<br />
breach.<br />
<br />
res<strong>to</strong>ration.<br />
<br />
The cost <strong>to</strong> recover the data <strong>and</strong> system<br />
Ex<strong>to</strong>rtion <strong>and</strong> ransom payments – payments<br />
<strong>to</strong> the ex<strong>to</strong>rtionist that is holding your data hostage or is<br />
threatening an attack.<br />
Social engineering damages<br />
A cyber insurance policy can cover offline damages<br />
sustained due <strong>to</strong> the use of deception in manipulating<br />
individuals in<strong>to</strong> divulging confidential, personal<br />
information which can be used for illicit purposes.<br />
Third party liability costs<br />
This covers the costs you will incur <strong>to</strong> compensate those<br />
that have been negatively affected as a result of your<br />
system being breached.<br />
Let me demonstrate. Imagine your business was <strong>to</strong> clean<br />
A CYBER INSURANCE GUIDE - PAGE 31
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