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Cyber Insurance – Blog courtesy of Golo.ie

Our blog this week is from Golo.ie Insurance on the topic of Cyber Insurance & protecting you online.

We are in a fast and changing digital world where some 10 year olds are more tech savvy than ourselves!

When Data leaks one problem leads to another. Make sure you are protected. Protect you and your business from a cyber attack. We are delighted to add our Cyber / Data Breach Insurance.

Any business that handles and retains customer data will, sooner or later, be confronted with the challenge of a data breach

It’s not a matter of ‘if’ but ‘when’. Many Irish companies have already fallen victim to cyber attacks. In 2014 Grant Thornton estimated the cost of Cyber attacks hitting the Irish Economy to be over €4,000,000 annually. By 2020 Cisco tech company estimates there will be 50billion devices connecting to.the internet which is a massive increase from 12.5 Billion in 2010, all these additional connections leaves your business more vulnerable.

The data breach is not always the disaster – mishandling it is! In managing a data breach, you want to make the call. It’s your reputation that’s on the line.

What is Cyber Insurance?
Cyber insurance will protect your business from the impact of a data breach causing a possible financial loss, reputation damage or business disruption.

Who is Cyber Insurance suitable for?
Once your business deals with data, you are open to the potential threat of a breach. We consider every business and offer a simple and easy approach to quoting for CYBER risks.

What is covered?
Our Cyber policy provides a comprehensive Breach Response which is a unique insurance, loss control and risk mitigation service that provides a comprehensive service to notify and protect the customers of policyholder that have suffered a data breach.

Golo.ie has access to multiple markets to allow us to tailor make Cyber policies to suit your firm.

Cover includes:
Response to breach events

  • Notification services up to 5 million affected individuals including foreign notification where applicable
  • Call centre services
  • Breach resolutions and mitigation services
  • Public relations and crisis management expenses
  • Third party liability, including coverage for regulatory actions and payment card industry (PCI) coverage for credit card breaches
  • Assistance at every stage of a data breach incident from a team of data privacy lawyers and technical experts
  • Initial breach investigation and consulting: Legal services, computer forensic service

Additional First Party Coverages are also available for:

  • Cyber Extortion
  • First Party Data Protection
  • First Part Network Business Interruption