While the risk of a cyber attack cannot be completely removed, there are measures that can be taken to reduce the risk of such attacks occurring, as well as the impact of attacks if they should occur.īusinesses should invest in basic cyber security software, implement multi-factor authentication across networks and devices, and close open RDP ports. Data breaches occurring as a result of the loss of business devices and hardware.Data breaches as a result of employee theft.
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Damage to business devices or software as a result of a cyber attack.Business interruption caused by system downtime or malicious cyber events.
Theft of funds through wire transfer fraud and other phishing scams.Depending on the level of coverage, cyber crime insurance can provide cover in the event of: What does cyber extortion insurance coverage do?Ĭyber crime insurance by design covers any losses incurred by businesses or relinquished to extortionists as a result of a cyber attack. Our vast experience across a range of industries, and our understanding of their unique cyber risk profiles, ensures we can provide effective coverage that addresses the cyber risks faced by businesses today. How cyber extortion coverage can helpĬyber extortion coverage can help to protect businesses against losses and provide support to mitigate the impact of cyber attacks, so organisations can get back to business as usual.ĭepending on the type of coverage that a cyber crime insurance policy provides, businesses can expect cover ranging from financial payouts to help recover lost capital or repair damaged equipment as a result of cyber extortion, to access to cyber risk management services and additional protection for directors and officers.ĬFC’s cyber insurance products offer comprehensive coverage, helping to protect businesses against a range of cyber threats across cyber crime, data breaches and system interruption.
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For companies who are looking for an additional limit to their existing cyber insurance policy, we are also able to provide Cyber Excess Cover, with full access to risk management services. Our Private Enterprise Cyber Insurance covers SMEs and our Large Corporate Cyber Insurance is designed with the needs of larger organisations in mind. Studies have placed the cost of cybercrime on SMEs to be in the billions annually, which may be influenced by the general misconception that they are less of a target for cyber criminals, making their cyber defences easier to infiltrate.Īt CFC we have developed specific cyber insurance offerings to meet the requirements of organisations of different sizes. This is often the case with smaller businesses. While cyber crime insurance is particularly valuable to businesses who handle sensitive information or large amounts of capital on a daily basis, such as healthcare providers or financial institutions, one of the biggest mistakes an organisation can make in cyber security is assuming that they will not be a target. With cyber attacks becoming more involved and multifaceted, cyber crime insurance is something that every business who uses technology to store information or conduct business practices should consider. With cyber criminals conducting attacks with increasing sophistication, investing in cyber extortion coverage can protect a business’s digital assets should a criminal manage to bypass cybersecurity measures.Ĭyber crime insurance can also mitigate the level of damage caused by a cyber attack, and provide financial and strategic support to affected businesses to help them get back on their feet quickly. However, the risk of cyber attacks can never be removed entirely. The threat of cyber crime can be reduced with the right digital security practices and awareness.
Cyber crime insurance cover, also often referred to as cyber extortion coverage, cyber theft insurance, or cyber threat insurance, is designed to protect any business who uses technology from such attacks. Cyber extortion most often involves a criminal making a ransom demand from businesses using the threat of malicious activity on business systems or information.
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