What does a cyber liability policy cover me for?

Think of it in term of car insurance and driving …..

Visit our dedicated Cyber Insurance website Cyberinsurances.ie. 

Think of Comprehensive car insurance – Damage to the Car ( your system ) Third Parties affected ( your cyber event affecting others ) and The Gardaí/ Courts etc..  ( The regulatory bits that follow a cyber breach)

A car accident and your vehicle gets damaged and the insurance pays for the damage to your own vehicle – Likewise in the case of a cyber attack / ransomware attack on your system  you’ll need to repair your systems and get them working – and you may need to be covered for loss of  profit following system attack.

The next stage of the policy is sort of like the Third Party claim element of your car policy where you need pay others as a result of your car causing them damage ..

In the case of the cyber policy its designed to pay for third party loss claims brought against you by people who have suffered financial losses as a result of your data breach/ cyber event

Third part is kind of like where the Gardaí and state prosecute you for the likes of careless driving etc… In the case of a cyber breach you may have costs associated with dealing with regulator ( Data protection commissioner )  or indeed your firms professional body. So the policy would contribute toward costs like informing your clients  of the breach – dealing with regulator , regulatory hearings etc…

Last bit of covers relates to possibly having to pay a ransom demand if other methods fail.

The above is a really very rough guide to  the main cover ideas behind cyber covers but it may give you a flavour of how they operate. To get full details on actual policies/ terms/ limits conditions you should call one of our team in Galway 091 563518  or info@burkeins.ie  – Ask for Sean, Paul, Bernie or Emma