HSB BI&I - Mini Webinars

Normal view (turn off text only mode)
You are here:

Why do I need cyber attack coverage?

CyberOne®- Cyber Risk Insurance for Small Businesses

 

Computer and data systems are the lifeline of your business, essential for:

  • Accounting and payroll
  • Sales and marketing
  • Inventory and logistics
  • Internet and communications
  • Equipment and operations, and
  • Data storage

Heavy reliance on computer and data technology has heightened business exposures to cyber attack, such as:

  • Data breaches, leading to identity theft and fraudulent purchases
  • Cyber vandalism, inflicting damage for damage’s sake
  • Social hacktivism, or politically motivated hacking
  • Espionage between competitors, and
  • Cyber terrorism

Think about the impact of a cyber attack on your business:

  • You may suffer loss of data such as personally identifying information, business financial, sales and trade secrets
  • Systems may be compromised or damaged
  • Revenue loss may result
  • Extra expense may be incurred to restore systems and re-create data
  • Your business may suffer reputational damage, and
  • Face third party liability suits

What is a cyber attack?

A cyber or computer attack is defined as:

  1. Unauthorized access to your computer system by a person or persons
  2. A malware attack on your computer system by malicious code such as viruses, worms, trojans, spyware or keyloggers
  3. A denial of service attack, or the deliberate act to prevent legitimate third parties from gaining access to your computer system through the internet

How is data breach coverage different from cyber attack coverage?

Data Compromise coverage responds to the loss, theft or public release of personal identifying information.

CyberOne® coverage responds to events which damage or degrade a business’s data and systems

 

CyberOne® coverage pays for losses caused by a computer attack, such as:

  • Data and system restoration
  • Data re-creation
  • Loss of business, and
  • Public relations

 

Network Security Liability is also provided to cover defense and settlement costs for your security failure due to:

  • Breach of third party business information
  • Unintended transmission of malware, or
  • A denial of service attack

Loss examples

1. A freight company was hacked by a former employee, whose password had not been changed.

Losses totalled over $43,000 and included:

  • System damage
  • Data recovery
  • Data re-creation Replacement of software
  • Loss of revenue, and Public relations expenses



2. A virus infected an equipment dealer’s computer system causing strange emails to be sent to customers.

A customer suffered harm from the virus and incurred significant cost to have the virus removed.

Legal and settlement costs totalled $48,000.


Main Navigation
Service Men
Accessibility

© The Boiler Inspection and Insurance Company of Canada | La Compagnie d’Inspection et d’Assurance Chaudière et Machinerie du Canada.
All rights reserved | Tous droits réservés

Note


This publication is available exclusively to Munich Re clients. Please contact your Client Manager.