Cyber attacks are one of the biggest risks facing organizations today, so companies must ensure they have robust IT security and comprehensive cyber insurance coverage in place.
Our Cyber policy protects against the range of risks associated with network security and privacy breaches and provides critical support in the event of a cyber attack. Capacity of up to $15m is available.
Today, every aspect of modern business relies heavily on information technology. While companies are allocating significant resources to fortify their networks to prevent access by hackers, no IT solution will ever be enough. A 2016 survey published by data breach specialist NetDiligence found that approximately a third of cyber breaches were attributable to the actions of employees, and most commonly the employees' actions were unintentional, such as responding to a phishing scam or making a mistake in their paper handling. It is for this reason that insurance is a core solution for any company looking to manage this risk.
To meet each organization’s unique needs, we provide a comprehensive package as a standard offering, and then allow for additional coverages to be purchased as may be beneficial to your organization. In addition to tailored coverages, the limits purchased can also be customized based on your unique exposures, allowing you to pay only for the type and amount of coverage you need. Our Cyber insurance can be bought independently or as an extension to our Professional Liability policy.
We’ve teamed up with NetDiligence to provide 24-hour a day access to help in the event of a cyber attack. NetDiligence can provide a forensics team to work out how the cyber breach happened and fix the problem, restoring your operations quickly and effectively. As your response to a breach can impact your brand and reputation, NetDiligence can also provides public relations support and crucial guidance to help you manage the message to all impacted stakeholders.
As a QBE policyholder, you’ll receive complimentary access to the QBE eRiskHub® portal. This portal provides tools and resources to help you understand your exposures, establish an incident response plan, and minimize the effects of a breach on your organization.
We have underwriters who specialize in Cyber insurance in all of the major geographies in which QBE has operations. For companies with operations in multiple territories, we can also write multinational Cyber insurance programs.
Our Cyber policy includes the following as standard:
• Public relations, crisis management, forensics and security specialist services
• Reimbursement for government and regulatory fines and penalties
• Protection against your employees causing intentional damage to systems and data belonging to you or a third party
• Legal defense costs, expenses and compensation to third parties
Cover can also include the following:
• Information and communication asset rectification costs
• Cyber business interruption costs
• Cyber extortion
• Data breach costs