Cyber Liability

Cyber Liability is a specially designed insurance product which addresses the liability of companies arising from data protection laws, the management of personal data and the consequences of losing corporate information.

With recent data breaches hitting the headlines in Asia and Australia, loss of personal and corporate data has far-reaching ramifications that could potentially change the way business is carried out all over the world.

Most high-profile stories in the media today address the type of data loss that impacts people on a personal level: credit card numbers, medical records, birth dates, ID/passport numbers and other private personal information.  However, we should also be mindful of the impact from the loss of corporate data and information such as intellectual property and proprietary information, which in the hands of a competitor or even an extortionist can severely disadvantage business.

What Cyber Liability Insurance Covers

Cyber Liability provides coverage for personal data liability, corporate data liability, outsourcing liability, data security liability, data administrative investigations, data administrative fines, repair of the company’s reputation, repair of individual reputation, notification and monitoring costs, electronic data and defence costs. CyberEdge also provides optional coverage for media content, cyber extortion and network interruption.

  • Personal Data Liability – Breach of personal information/data protection
  • Corporate Data Liability – Breach of corporate information• Outsourcing – Breach of data protection by an outsourced provider where the data user or policyholder is legally liable
  • Data Security – Damage resulting from any breach of duty that ends in:
    • Contamination by malicious code of third party data
    • Improper or wrongful denial of access by an authorised third party to data
    • The theft of an access code from premises, computer system or employees
    • The destruction, modification, corruption, damage or deletion of data stored on any computer system due to a breach of data security
    • The physical theft of hardware
    • Data disclosure due to a breach of data security
  • Defence costs in respect of any litigation brought by a data protection authorit

Additional and Optional Benefits

  • Data Administrative Investigations - Provides costs and expenses for legal advice and representation in connection with a formal investigation by data protection or other authority
  • Data Administrative Fines - Insurable fines and penalties imposed by a government authority, regulator or data protection authority for a breach of data protection laws or regulations
  • Notification and Monitoring Costs - Provides costs and expenses of the insured for the legally required and voluntary disclosure to data subjects
  • Reputational Repair of the Company and Individual - Reimbursement of costs incurred in relation to reputational damage due to a claim covered by this policy
  • Media Content - The collection, creation, release, printing, broadcasting or distribution of media content, advertising and written, printed, video, electronic, digital or digitised content that results in an infringement; plagiarism, piracy or misappropriation or theft of ideas; libel or slander committed without malice; or an intrusion, invasion
  • Cyber Extortion - Any extortion loss incurred as a result of a security threat
  • Network Interruption Insurance - Net income (net profit or loss before income taxes) thatwould have been earned; and continuing normal operating expenses incurred, including payroll as a result of a security failure

Cyber Liability Brochure

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