When “Wanna Cry” and “Petya” wreaked havoc with IT systems, the Indian industry was sizing up potential threats. With 300,000 computers being compromised and large companies like Jawaharlal Nehru Port Trust, Renault, and Mondelez being crippled, creating a credible defense and protection has become a priority for all companies.
Cyber attacks can lead to business losses, regulatory actions, and large spending to mitigate sensitive information if compromised.
Notification Costs
US, UK and European countries always had strict privacy laws which require notification to all individuals whose personal data has been violated. The recent GDPR rules further reinforces privacy protection for EU citizens.
Forensics and Credit Monitoring
The regulations require companies to identify the extent of the privacy breach to reduce the damage. The policy provides cover for the significant cost of hiring forensic experts and spends required for credit monitoring of affected people.
Regulatory Costs
When Privacy violation happen it may not be sufficient to notify the effected individual and prevent misuse of the information. It can lead to regulatory action incurring costs of defence, fines, penalties and other associated expenses.
Business Interruption
Most ransomware aim to extort money by disrupting or disabling the use of systems and applications. Cyber covers protect when such disablement leads to business interruption on an extended time frame affecting business profits.
Cyber Extortion
A freight forwarder is a master planner for transit needs. Responsibilities can encompass documentation, transporter selection and warehousing. You can insure your professional liabilities, defend suits alleging negligence and even liability to port and transport authorities.
Company & Individual Reputation
A breach of privacy claim can have a severe dent on a company reputation and ability to do business. Cyber policies provide coverage to hire experts to restore a company or individual reputation and reduce the bad publicity.
A cyber liability insurance policy covers both your own costs (first-party coverage) and legal claims from others (third-party coverage). This includes expenses for data recovery, business interruption, legal fees, regulatory fines, and customer notification.
Cyber risk liability insurance is required because a single cyberattack can be financially devastating. This coverage acts as a financial safety net, helping your business recover from major incidents and protecting it from significant losses, regardless of your current security measures.
Edify Insurance Brokers helps you find the right cyber liability insurance for your business. We assess your unique risks, compare policies from various providers, and provide expert guidance to ensure you get comprehensive coverage and full support during a claim.
