In this age of the internet of everything, there is a range of risks appearing almost daily related to information, security and privacy. Cyber risks may come in the form of a lost thumb-drive, hacking, a denial of service attack, an employee who divulges a password, impersonation (phishing), or transmission of malicious code.
For a comprehensive solution, you need to purchase a dedicated Cyber Risk Insurance policy. Cyber Risk Insurance provides a suite of coverages and also includes some tools to help prevent a cyber incident happening in the first place. Cyber Risk Insurance and the coverages to handle them can be broken down into several categories including:
Provides for defence costs and settlement of claims arising from the release of sensitive personal or corporate information.
Provides for defence and settlement of claims arising that allege defamation, copyright or trademark infringement, or plagiarism.
Crisis Management expenses to restore customer confidence and mitigate negative publicity and damage to reputation. Costs to Notify those affected by the breach, credit monitoring for affected customers, repair and restore programs and electronic data and loss of profits arising from interruption of services due to an attack.
Covers impersonation or phishing that tricks you into divulging information, transferring funds, or by infection of malware that allows the perpetrator into your network. Extortion, threat and demands for ransom to avoid an attack, a release of information or to return your data.
Computer-to-computer hacks of your computer systems giving a perpetrator control of or access to your computers. This access directly causes money or tangible property to be fraudulently transferred to a place or account outside of your control.
Situations where a perpetrator sends fraudulent instructions to your financial institution, claiming that the instructions came from you –without your knowledge or consent.
We strongly recommend that you implement a regular review of your information security protocols and firewalls. Coverage for Cyber Risk Insurance from Binks is available through certain specialist insurers such as ENCON, Travelers Canada and certain Lloyd’s sources, among others.