Cyber Liability Insurance
If you have any queries regarding cyber liability insurance please contact our Commercial Lines Executive Miriam Gaynor BA (Hons) CIP on 051 871444 or email miriamgaynor@heffernan.ie.
Get Protected with Cyber Liability Insurance
We are now offering cyber liability insurance policies which are specially designed to protect
business from the consequences of cyber attacks. Many insurance policies exclude Cyber Risks
therefore a business may be liable for the consequences of cyber attacks and data protection breaches.
Cyber Liability policies provide a range of cover for events such as:
- Social engineering fraud and Telecoms/Computer fraud.
- Fines and penalties as well as providing coverage for defence costs, fines (where insurable at
law) and liabilities to third parties for violations of privacy regulations including GDPR, Data
Protection Act, Telecommunications Act etc. - Computer hardware damage costs.
- Crisis management.
- Cyber extortion threats and reward payments.
- Privacy breach and reputational rebuild costs.
Cybercrime represents a major emerging threat to businesses.
A Norton study found that 978 million adults in 20 countries have experienced a cyber-attack in 2017,
costing an estimated $172 billion and taking 3 full business days to resolve. Personal cybercrime is
out pacing the more traditional crimes of burglary, robbery and car theft. Losses from cybercrime
have been reported in almost every industrialised nation, but accurately quantifying these losses is
challenging. Victims are often unwilling to share breach statistics and internal loss estimates can be
inaccurate or incomplete due to the complexities of reputation damage, clean-up costs and lost
revenue. Furthermore, it is difficult to price the loss of intellectual property, confidential business
information, and potential revenue or productivity due to business disruption. Personal identifiable
information is often valued by the price it is sold for on the black market rather than the actual loss of
that information to the company storing it.
Cyber Attacks may have a devastating effect on a business and impact it in a variety of ways.
These may include:
Financial loss and Business interruption – The manufacturing sector may suffer significant revenue
loss because the malware encrypts manufacturing equipment which halts production. The encryption
of inventory management systems further disrupts production. The indirect impact on international
trade causes delays in the transportation of ‘final’ goods these companies produce as well as
intermediary goods needed for production. This causes further disruption and revenue loss.
Data breaches – In the event of a data breach a business may be liable for fines as a result of
regulatory investigations and penalties levied under the GDPR Acts. A business may also be liable
for; data and software loss for reconstituting encrypted and wiped data as well as cyber extortion loss
for ransom payments and incident response costs.
Reputational damage – Reputational harm – individuals can suffer reputational damage especially in
the case of social engineering and media related attacks. This may lead to loss of revenue due to
consumer shifts following the event.
Protect your business with Cyber Liability Insurance.
We are now offering cyber liability insurance policies which are specially designed to protect
business from the consequences of cyber attacks. Many insurance policies exclude cyber risks
therefore a business may be liable for the consequences of cyber attacks and date protection breaches.
The policies provide cover for cyber-crime such as Social engineering fraud and Telecoms/ computer
fraud as well as fines and penalties as well as providing coverage for defence costs, fines (where
insurable at law) and liabilities to third parties for violations of privacy regulations including GDPR,
Data Protection Act, Telecommunications Act etc.