At Pollensa, we understand the need for our clients to consider Cyber Liability cover due to the disruption this can cause to any business as well as any reputational damage.

Cyber insurance covers the losses relating to damage to, or loss of information from, IT systems and networks.

Why do I need Cyber Insurance?

As a business of any size, it is likely you will rely on information technology (IT) infrastructure to some degree.  If so, you will be exposed to the risks of business interruption, income loss, damage management and repair, and possibly reputational damage if IT equipment or systems fail or are interrupted.

Businesses are increasingly buying Cyber Liability and Crime insurance policies particularly if they:

  • Hold sensitive customer details such as names and addresses or banking information
  • Rely heavily on IT systems and websites to conduct your business
  • Process payment card information

Pollensa recommend that you take out this insurance cover to protect your business against

  • Loss or damage to data or software programmes
  • Business interruption from network downtime
  • Cyber and data extortion where third party threaten to damage or release data if money is not paid to them
  • Customer and/or third-party notification expenses when there is a legal or regulatory requirement to notify them of a security or privacy breach
  • Repairs or replacement following system damage
  • Regulatory actions and investigations and court attendance costs. Potentially cover for fines, where legally deemed insurable
  • Crisis communication costs
  • Reputational damage arising from a breach of data that results in loss of intellectual property or customers

Third-party liability data cover protects your customers' assets, including

  • Security/privacy breaches, investigation and defence costs together with civil damages associated with them
  • Multi-media liability, to cover investigation, defence costs and civil damages arising from defamation, breach of privacy or negligence in publication in electronic or print media
  • Loss of third-party data, including payment of compensation to customers for denial of access and failure of software or systems

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