What is cyber insurance?
Cyber insurance protects businesses by covering the monetary costs incurred from data breaches or cyberattacks.
Why should you get cyber insurance?
Nowadays, with many businesses storing, processing and collecting huge amounts of data, businesses have become increasingly reliant on technology, interconnectivity, and data. Just by working with confidential corporate or personal data, businesses put themselves at risk of numerous First Party costs and Third Party liabilities:
Regulatory defence and penalties
cyber extortion monies and expenses
income loss, interruption expenses
liability settlement and defence costs
breach response costs like credit monitoring, legal costs to comply with privacy regulations, notification costs and PR (where legally required)
restoration costs of damaged digital assets
Coverage
First Party for
Crisis management event costs
legal costs to comply with credit monitoring, legal costs to comply with privacy regulations, notification costs and PR
loss of digital assets
Expenses incurred from alteration, destruction of the business's digital assets resulting from DOS, unauthorized use/access to computer system, damage, theft and malicious code
privacy regulatory penalties and defense
caused by civil regulatory action stemming from breach of privacy regulations or privacy breach
cyber extortion
extortion monies and expenses paid caused by a threat to release or destroy a business's digital assets which are required by unauthorized access
business interruption expenses
extra expenses and income loss following a partial or total failure of the computer system resulting from unauthorized use/access to computer system, DOS, malicious code
Third party for:
Privacy and security liability stemming from privacy or security breach by outsources, independent contractors or even by the company itself.
Suitable for businesses who want:
Protection against cyber attacks
Coverage for data and system restoration
In today's world, it is nearly impossible to avoid technology and data. Without cyber insurance, you stand to incur massive losses due to cybersecurity breaches. Protect yourself and your business today with cyber insurance! Contact us at https://www.kgaa.com.sg/contact
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