A cyber incident is not always the result of a criminal act. Human error or bugs in a software package can also damage your data and IT systems.
Errors, accidents and acts of malice can all lead to a loss of:
- integrity: the correct data must be linked to the correct records;
- confidentiality: data may only be accessed by authorised persons;
- availability: data should be available in the right place, in the right format and at the right time.
In a business environment running on computers and IT procedures, a minor incident can have major repercussions:
- extra costs to remedy and to prevent recurrence;
- the interruption or halting of production;
- legal implications.
Cyber insurance covers both your own damages and your civil liability.
Your own risks
- interruption of business activities;
- costs for assessing the damage and the cause of the damage;
- recompiling data and reconfiguring your IT systems;
- PR costs;
- notification costs, administrative fines and sanctions following a cyber attack;
- cyber theft and/or extortion.
Your civil liability
- violation of confidentiality: both personal information of individuals and sensitive company information (such as your client list, price list or marketing strategy leaked online);
- cyber security liability: your computer system security fails or is penetrated, resulting in a third party (client, supplier, etc.) being denied access to the system or the data of a third party being damaged.
A cyber policy, therefore, not only covers the costs of a cyber incident, it also helps to manage a cyber crisis.