Do you have a website or use email?
If so, you are vulnerable to a claim from your own employees or third parties.
If you recognise any of the following to be relevant to your company then you should give some consideration to Cyber Liability insurance:
Having a company website
Use of email
Engaging in e-commerce
Reliant on computer connectivity for transactions or data exchange
Storing information that can be accessed over the internet or intranet
Companies can be held liable for defence costs and damages arising out of defamation, breaches of privacy or intellectual property or statutory duties as a result of electronic communications. You may possibly incur a loss due to virus or hack attack – repairing your computer systems, recovering lost data and business interruption during downtime.
Do general insurance policies cover these ‘e-risks’?
No !
Do incidents which could be claims really happen?
Very much so – have a look at the claims examples given below –British Gas had to pay £200,000 to an ex-employee arising from comments circulated via the internet that breached his privacy.