Cyber Security Insurance

Key Features and Coverage

1. Data Breach Response:

   • Covers the costs associated with responding to a data breach, including notification expenses, legal fees, and public relations efforts.

   • Provides access to specialized services for data recovery and breach investigation.

2. Cyber Liability:

   • Protects against legal liabilities arising from cyber incidents, such as data breaches, unauthorized access, and cyber extortion.

   • Covers defense costs, settlements, and judgments related to cyber liability claims.

3. Network Security:

   • Covers losses resulting from security failures, such as malware infections, ransomware attacks, and denial-of-service (DoS) attacks.

   • Includes the cost of restoring and repairing damaged systems and data.

4. Business Interruption:

   • Compensates for lost income and additional expenses incurred due to a cyber incident that disrupts business operations.

   • Ensures financial stability while your business recovers from the cyberattack.

5. Cyber Extortion:

   • Provides coverage for ransom payments and associated expenses in the event of a ransomware attack or cyber extortion threat.

   • Includes access to expert negotiation and crisis management services.

6. Privacy Liability:

   • Protects against claims arising from the mishandling of personal or sensitive information.

   • Covers legal fees, settlements, and regulatory fines related to privacy violations.

7. Media Liability:

   • Covers risks associated with digital content, such as copyright infringement, defamation, and invasion of privacy.

   • Ensures that your business is protected against claims related to online and digital media activities.

8. Regulatory Defense and Penalties:

   • Covers the costs of defending against regulatory investigations and paying fines or penalties imposed by regulatory bodies.

   • Ensures compliance with data protection regulations and mitigates the financial impact of non-compliance.
     
     

Benefits of Cyber Insurance

• Comprehensive Risk Management: Provides protection against a wide range of cyber risks, ensuring that your business is covered from multiple angles.

• Financial Security: Helps mitigate the financial impact of cyber incidents, reducing the potential for significant financial losses.

• Operational Continuity: Ensures that your business can quickly recover from cyber incidents, minimizing downtime and maintaining operations.

• Reputation Protection: Includes public relations support to manage the impact of cyber incidents on your business's reputation.

• Expert Support: Provides access to specialized cyber risk management services, including legal, technical, and crisis management expertise.
  
  

Who Needs Cyber Insurance?

• Small and Medium-Sized Enterprises (SMEs): To protect against the increasing cyber threats targeting smaller businesses with limited IT resources.

• Large Corporations: To ensure comprehensive coverage for complex and large-scale cyber risks.

• Healthcare Providers: To safeguard sensitive patient data and ensure compliance with healthcare data protection regulations.

• Financial Institutions: To protect against cyber threats targeting financial data and transactions.

• Retailers and E-commerce Businesses: To secure customer data and protect against online fraud and data breaches.

• Professional Services Firms: To protect client data and ensure compliance with data protection laws.
  
  

Cyber Insurance in New Zealand is a vital tool for businesses of all sizes and industries, providing essential protection against the ever-evolving landscape of cyber threats. With comprehensive coverage options and expert support, cyber insurance ensures that your business can navigate the digital world with confidence and security.