CYBER LIABILITY INSURANCE

Nowadays, the threats that every business faces on a daily basis, such as the use of computers and Internet, more sophisticated cyber attacks, viruses and hackers explain why cyber risk protection is currently a high demand insurance product protecting businesses from exposure and liability.

Almost all business activities are exposed to data loss, and the risks are too important to leave them unprotected: all data and information stored, including private and confidential information about the employees, customers, and suppliers. There is an important liability risk and legal compliance, as well as the business’s own reputation.

Among the risks usually covered by this type of insurance are the following:

– Defamation, reputation damage, discredit of a product or commercial defamation

– Invasion, intrusion, infraction or violation of private rights

– Public divulgation of private information or unjust appropriation of commercial names

– Plagiarism, piracy or unjust appropriation of ideas

– Violation of author’s rights or commercial slogans

– Commercial extortion, violation of the brand

– Alteration, copy, corruption, destruction, elimination or damaged data

– Unauthorised spreading of information or data

– Data robbery (including identity usurpation)

– Transmission of malicious codes or computer viruses

– Refusal of service

– Loss of personal data

– Loss of commercial income

– Civil sanctions or administrative ones, fines

– Data extortion

Extension of coverage:

– Damage that the insured has to face because of his activities

– Violation of security and privacy suffered by the network

– Restoration of data and loss of commercial income

– Defence or management of the crisis cost because of a cyber risk

– Civil or administrative sanctions insured by the law or imposed by a regulatory official body