CYBER
Construction
The construction industry is increasingly digital, from smart tools to project management software. Learn how cyber insurance can protect your projects and data from evolving cyber risks.
As the cyber risk landscape continues to evolve, it remains a persistent threat to businesses across all sectors. This evolution is fuelled by the deployment of technology and digital transformation, introducing new vulnerabilities that can lead to significant financial losses and far-reaching consequences.
As a result, extensive cybersecurity regulations have been enforced to address these exposures, imposing new responsibilities on businesses. This, in turn, poses challenges for companies to adapt to the ever-changing cybersecurity landscape and support their digital infrastructure effectively.
Cyber insurance, also known as cyber liability insurance or cyber risk insurance, is a type of insurance coverage that helps protect businesses and individuals from financial losses and liabilities resulting from cyber-attacks and data breaches. It provides coverage for various expenses related to cyber incidents, such as legal fees, notification costs, credit monitoring services, public relations efforts, and financial losses due to business interruption or theft of sensitive information.
Cyber insurance policies' specific coverage and limits vary depending on the insurer and the policy terms. Businesses and individuals should carefully review and understand the policy terms, exclusions, and limitations before purchasing cyber insurance to ensure it aligns with their specific needs and risk profile. At Gallagher we act on behalf of our clients to find tailored solutions and explain the complexities of the coverage.
Cyber insurance has become increasingly important in today's digital age as cyber threats and attacks continue to evolve and pose significant risks to businesses and individuals. By transferring some of the risks associated with cyber-attacks to an insurance provider, it can help mitigate the financial impact of cyber incidents and provide peace of mind.
Cyber Liability
- Breach Response Costs: Covers expenses related to data compromise, loss, or theft.
- Privacy Regulatory Defence and Penalties: Covers legal costs for regulatory compliance post-data breach.
- Security and Privacy Liability: Covers liability if sued due to a data breach by affected parties.
- Cyber Extortion: Covers ransom demands from hackers to prevent data leaks.
- Multimedia Liability: Covers liability from multimedia content, like websites or social media.
Operational Risk
- Cyber Business Interruption: Covers income loss from network disruptions.
- Digital Asset Restoration: Covers costs to restore affected data (Digital Assets) post-breach.
- Cyber Reputation Business Income Loss: Covers loss of earnings due to customer loss within 12 months post data breach or network interruption.
- Systems Integrity: Covers replacement costs for computer systems impacted by a Security Compromise.
Cybercrime
- Manipulation or Misuse: Covers theft of funds/assets through third-party manipulation or misuse of computer systems.
- Fraud: Covers theft of funds/assets due to reliance on fraudulent electronic or telephonic communications.
- Phishing: Reimburses for unrecoverable receivables due to third-party impersonation.
- Services Fraud Loss: Reimburses charges from unauthorised system use, including Cryptojacking costs.
- Reward Fund Loss: Reimburses payments for information leading to cyber-criminal arrest and conviction.
- Corporate Identity Theft Loss: Reimburses losses from fraudulent electronic identity use.
- Personal Financial Loss: Reimburses partners/members of the business for theft from personal bank accounts.
These are brief product descriptions only. Please refer to the policy documentation paying particular attention to the terms and conditions, exclusions, warranties, subjectivities, excesses and any endorsements.
Additional Services and Benefits
At Gallagher, our proactive risk management approach sets us apart, offering more than just standard solutions. We go beyond by continuously innovating and adapting our advice and products to stay ahead of evolving cyber threats. Our cyber protection cover also includes additional services that ensure comprehensive protection for your firm.
Risk Management Capabilities within Gallagher:
- Email Security - Identify emails containing ransomware, phishing, and financial fraud.
- Network Defence - Block websites that deliver ransomware, or steal sensitive information.
- Security Training - Train employees with short videos and simulated phishing emails.
- Threat Monitoring - Monitor threats and critical vulnerabilities
- Compliance Reporting - Generate security compliance certificates
- Human Support - Phone, Chat, E-mail Support.
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This is a guide to coverage provided under a typical professional indemnity policy. This is not an exhaustive list or policy-specific but is intended to provide you with a guide to common coverage under professional indemnity insurance. The applicability of cover will be determined by the actual policy terms, conditions, exclusions and limitations in force at the time of a claim notification to insurers.