Whatever its size, every company processes customer data, handles payments digitally and relies on IT systems to run its operations. Ransomware, phishing, unauthorised system access or a data breach caused by employee error can lead to operational shutdown, statutory notification obligations and serious reputational damage. Such losses usually fall outside the scope of property insurance.
Cyber Risk Insurance responds from the first hours of a cyber incident, meeting the cost of incident response services such as forensic investigation, legal advice and crisis communication. It also covers loss of income due to business interruption, data breach notification costs and compensation claims brought by third parties, within the terms of the policy. This allows you to manage the technical, legal and financial consequences of an incident within a single structure.
Who is it for?
- Companies processing personal data and subject to data protection legislation
- Businesses operating in e-commerce, finance, healthcare and services
- Companies whose production and logistics depend on IT systems
- Firms required by customers or partners to hold cyber insurance
Scope of cover
- Cyber incident response: cost of forensic, legal and crisis management services
- Ransomware: negotiation and response costs in cyber extortion events, subject to policy conditions
- Data breach notification costs: expenses of notifying affected individuals and authorities
- Business interruption: loss of income and increased costs of working due to system outage
- Data and system restoration: rebuilding corrupted or encrypted data and software
- Third-party liability: compensation claims arising from data breaches and network security failures
- Optional extensions for social engineering fraud and reputational costs
Scope of cover, limits and deductibles are determined by the insurer’s general and special conditions; the final scope is set out in the policy.
The Proxima Brokers approach
We assess your IT infrastructure, the types of data you process, your backup and access controls and your supplier dependencies to build your risk profile. We prepare the information insurers require accurately, compare scope and exclusions and place cover in the market. The final scope depends on the policy wording; when an incident occurs we help activate response teams and manage the claim with you.