Cyber Liability Insurance Coverage

cyber liability insurance for organizations

Data breaches are on the rise with a 62% increase year-on-year according to the Symantec 2014 International Security Report.  If your organisation has not considered Cyber Security Liability Insurance, you should not wait any longer.  The average cost of a data breach is $201 per compromised record and hackers are no longer just targeting large, for-profit organisations.  Every type of enterprise, including non-profits, regardless of size is at risk, with 30 percent of incidents affecting organisations with fewer than 250 employees according to the Symantec 2014 Internet Security Threat Report. 

Breaches do not just occur from hackers, but stolen laptops or viruses can also result in data breaches that have enormous financial and reputational consequences for an organisation.  While your organisation is probably not at fault if data is lost, customers or donors will fear continued interaction with your organisation as a result of this breach.  Therefore, investing in public relations and other tools to support your organisation’s reputation will be a critical part of your crisis response strategy.   

Clements Cyber Security insurance coverage protects organisations of all sizes, including nonprofits, across a variety of costs including regulatory compliance, data recovery, and reputational support.  A Clements policy will also support multinational organisations, which may have to address different regulatory challenges by country.  It can be offered as a standalone policy as part of a suite of management liability protections. 

Call us today at +44(0) 33 0099 0103 or email enquiries@clements.com to discuss how we can tailor your policy to meet the size and scope of your organisation.  

Contact Clements Insurance Specialist

  • Benefits and Features
  • Resources

Benefits and Features

Clements Cyber Security insurance is underwritten by certain underwriters, including Lloyd's of London and others, and coverage includes:

Material Costs of a Breach: The Clements policy can include all the notification costs required domestically and internationally for your data breach.  It will also cover the cost of regulatory responses to pay for the technical or legal services needed to respond to government inquiries regarding the cyber-attack. The coverage can also include forensic analysis and fees to determine the nature and extent of the breach. 

Crisis Management & Public Relations Expense: The negative publicity associated with a data breach can be crippling if not managed properly.  Your Clements policy can pay for the cost of educating stakeholder (including customers or donors) of an event, but also a broader campaign to assure stakeholders of the steps being taken to protect data in the future.

Funds Transfer Fraud & Electronic Data Restoration Expenses: The policy can cover costs to recover any stolen funds or data that were lost as a result of a cyber-event.

Cyber Liability: Stakeholders may file a lawsuit as a result of a cyber event and the policy can help cover legal expenses and settlements from such lawsuits.  It can also cover the costs of fines, investigations, penalties, and other regulatory actions.

Business Interruption:  Additionally, if the cyber-attack results in disrupted operations or lost revenues your policy can cover these costs.

Call us today at +44(0) 33 0099 0103 or email enquiries@clements.com to discuss how we can tailor your policy to meet the size and scope of your organisation.  

Contact Clements Insurance Specialist