From regular technology and social media to online transactions; they all play a key role in how organisations and businesses conduct themselves.
Unfortunately these channels serve as a breeding ground for cyber-attacks.
Whether launched by regular hackers, criminals or even nation states, cyber-attacks are highly likely to occur to any business online at some point or another. The damage they do however can never be predicted, from moderate to severe loss for businesses big and small.
As part of risk management, companies now need to consider the necessity of technology insurance, otherwise known as cyber insurance.
What is Cyber Insurance?
The term Cyber Insurance refers to a Cyber Risk Insurance Policy or Cyber Liability Coverage.
It’s designed specifically to help an organisation or business mitigate their exposure to risk. This is carried out by an adequate insurance policy that helps to offset the costs involved during recovery of a cyber-related security breach or an event similar. Cyber insurance policies taken out by companies are constantly increasing which shows that organisations are recognising the need for its existence more than ever.
Cyber Liability Insurance covers everything including investigations (determining how the event occurred); business loss; privacy and notifications; lawsuits and extortions.
Despite this, Cyber and Technology Insurance is ever evolving. Cyber Risk itself changes frequently. This is why our Cyber Liability Policies are always up to date – Protecting you against tomorrow’s risks today.
The Benefits of Cyber Liability Insurance
Our bespoke Cyber Liability Policies provide a variety of benefits such as:
- Full limit cover for fraud and dishonesty of employees
- Cyber-Terrorism for Communications, Media and Technology (CMT) Companies
- Cyber Liability Cover for First and Third Party Privacy and Network Security
- Broad and Comprehensive Cover provided for Intellectual Property Rights Infringement
- No Limitations for Insured Losses caused by Untargeted Malware
Technology Insurance and Cyber Liability Specialists – Protection
Here at Servca we recognise the need for a fully comprehensive Cyber Insurance Policy; which is exactly why we work with speciality Lloyd’s of London syndicates in not only the development, but the underwriting of emerging risks to ensure our policies are the most up to date they can be.
We cover global Professional Indemnity, offering Directors and Officers cover alongside our Cyber Liability policies where adequate and appropriate. As specialists in PI, we offer what is essentially an enhanced insurance policy, specifically designed to cater to the needs and inherent risks of the Global Technology Sector.
We are underwritten by market leading insurers from the biggest Insurance Market in the world – Lloyd’s of London. Our policies are competitively priced to ensure everyone, regardless of whether you are a private and publically traded company, meaning you receive the best deal possible at a value that’s reasonable.
At Servca we are leaders in emerging risks and pride ourselves on offering value for our clients, which when compared with other policies help us stand out from the crowd.