DATA BREACHES
We now live in a connected world where information is exchanged using different types of data transfer devices thereby making communication easier. This however comes with its own challenges as these electronic devices are prone to attacks from hackers who are also on the market to sell information and data, no wonder incidences of data breach are on the rise.
Data breach is where information is stolen or taken from a system without the knowledge or authorization of the system owner. Individuals, small companies, large organizations can suffer data breach depending on what the hackers are looking for. Examples of data breach might include loss or theft of hard copy notes, USB drives, computers or mobile devices. As we move into the Festive season, offenders prawl on unsuspecting shoppers by sending links with special offers, discounts or promotions from well-known brands but in essence the links they send out will redirect you to their sites where you may suffer security breaches, identity theft, financial prejudice to mention but a few.
For some time now Underwriters have been developing insurance covers to mitigate such risks and one of the covers on the market is the Cyber Liability insurance. The Cyber Liability insurance cover addresses the cyber risks at two different levels that is, the First party coverage of the cost of breach on your network and Third-party coverage of cost of lawsuits, public relations costs and damage control costs.
First-party cyber liability insurance can cover many of the costs you would incur if a breach occurred on your network. If your own data is compromised, this policy will cover costs for customer notification, security experts investigations, call centres to handle customer questions and anti-fraud protection for parties whose data has been compromised.
For more on this insurance cover, please contact us.