Cyber Liability Insurance
Every business is vulnerable to cyber attacks. Whether you are a manufacturer using computer automation processes, an IT business or a retail outlet, any company which uses electronic equipment and computers is at risk. The nature and extent of each incident may vary from business to business however the key point to remember is that any business using a computer system and its data is vulnerable to cyber risks.
Businesses can be affected in the following ways;
- Virus or hacking attacks which affect customer transactions
- Corruption or damage to data
- Theft of intellectual property
- Loss of customer, supplier or other key data
- Consequent liability to a third party, including fines, costs, awards and damages
- Damage to reputation as a result of the attack
- Loss of revenue
The cyber policies we source are designed to handle cyber attacks on your behalf, the full process from beginning to end; appointing various professionals such as IT risk managers, solicitors and managing public relations.
A drinks bottling plant discovered a virus in one of their systems involved in the bottling process, which meant not enough bottle lids were produced for the batch of bottles. This resulted in waste and consequently the Insured suffered a loss of revenue through lost sales.
Source – Royal & Sun Alliance