FINANCIAL RISKS & GUARANTEES
Cyber Insurance
The Cyber Insurance policy insures the entity, management, employees and independent contractors who work for the Insured entity. (read here on Cyber Insurance – What is it, and Why is it Important With the New WFH Culture)
The Coverage of the policy are as follows in a Nutshell:
- Privacy Liability (wrongful disclosure of Corporate Information)
- Security Liability (failure to deter a Computer Malicious act)
- Incident Response Costs & Internet Media Liability.
- Cyber Extortion (Ransomware or extortions to exploit vulnerabilities or release information)
Some of the scenarios that may be covered:
Unintentional infringement of the privacy policy of the insured entity, breach of relevant privacy ordinance, failure to prevent unauthorised access to computer system by Third Party Denial of Service, Failure of network security, Defamation in the provision of media services, infringement of copyright or domain name in the provision of media service cyber extortion corruption or destruction of data by malware or hacking.
APPLICATION
01
Additional Information
Companies will requires to have a cyber liability insurance if it rely on Information Technology System, even for offline system, in the storage of customer information, sales processes, running its operation or running other business functions.
Archtects & Engineeers
Engineering & Management Services Manufacturing
Wholesalers
Professional Services/Consultants
Advertising
Automotive Dealers and Service Stations
Communications
Schools
Government/Public Administration
Law firms
Media-tv, radi movie
Printing and Publishing
Internet/E-commerce
Real Estate
Utilities
Asset Managers
Billing Services
Computer Hardware/Software
Colleges / Universiteis
Employment Agency/Personnel Agency
Blood bank / Tissue Bank
Nursing / Retirement Home
Mortgage Brokers
Personal Services
Public Authority
Trade Associations
Transportation Services
Water/Sewage
Accountants – Consumer Based
Casino
Financial Institutions
Call Centers
Collection Agencies
Credit Bureau
Healthcare Related Services
Hospitals
Payroll Services
Search Engine Providers
Security and Commodity Brokers
Telemarketing Services
Title Agents
Depository Instituions
Hotels and Other Lodgin Places
Life Sciences
Restaurants
Telecommunications
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Enhanced Coverage
With the increase reliance on technology in our business process, companies may face unexpected liability and losses when their system has been compromised. This may be caused by not only external hackers, but also due to employee negligence / theft on company data, loss of information from stolen laptops, theft by contractors on company information and many more.
Many people will think that a breached in the company information will only happen to company with weak encryption, anti-virus and procedure. However the recent developments in Singapore has shown otherwise.
Singapore Government delinking of internet access for public servant in May 2016.
Starhub fibre broadband service outage in October 2016
There are many unreported incidents which companies being attacked or suffered losses goes unreported.
This has paved the importance for companies to enhance their security system, and put in place a good Cyber Liability Insurance.
03
Documents Required
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Applicable To
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Case Study
You can always Whatsapp our customer service officers to attend to your insurance needs.
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