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Cyber insurance
○ Cyber extortion
You may receive a legitimate demand for a ransom payment by a third party to harm your computer system. We will cover the ransom payment and reasonable costs to resolve the cyber extortion incident. The following conditions apply:
– The ransom payment must be lawful and subject to our prior written consent.
– You must notify the relevant law enforcement authorities within 72 hours of the cyber extortion
incident.
Examples
○ You click on a link in an email or open an attachment which contains malware. The malware installs ransomware on your device and encrypts your data. A ransom demand is received asking you to make payment to decrypt your data.
○ You receive a request to pay a ransom demand, failing which your private photos and texts will be published online
Our cover:
We will cover the costs for IT experts to confirm the validity of the demand and as appropriate try restore your systems and data. If required, we will cover the ransom demand as well as other reasonable costs that may be incurred by you to resolve the incident.
○ Third party liability
– Network security
You can be held legally liable for damages to a third party if you failed to prevent a cyber incident on your computer system or other internet-connected components. We will cover the following expenses after a cyber incident:
• The amounts which you are liable to pay for resultant damages to a third parties’ computer system.
• Legal costs.
• The reasonable costs for an expert to investigate and report the reasons and circumstances of the cyber incident.
Example
Your device is hacked or infected with malware that causes damage to another person’s device or data. As a result, this person takes legal action against you for the damages they suffered.
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