As more companies, especially data-driven ones such as iGaming companies, Software and Tech companies, become aware of cloud computing, social media, big data, corporate bring-your-own-device policies and the associated castigating regulatory environment these operate in, Cyber Risk becomes imminent in the day-to-day running of such businesses.
Cyber Risk and specialised cover such as Prize Indemnity
Cyber Risk, being the 2nd largest risk to businesses today, includes both 1st party and 3rd party coverage, mainly to protect the insured from:
- unjust disclosure of confidential corporate or personal information
- failure of one’s work computer to shield the user from hackers, worms, viruses and other threats,
- infringement of intellectual property rights sourced in content, website, marketing & advertising activities
- privacy breach from fines, penalties & other regulatory proceedings
- loss of income or profits arising from network security failure
- costs arising from restoring or recreating intangible property after network security failure
- costs arising from responding to breaches (hiring outside firms, credit monitoring, forensic costs, etc)
- cyber fraud
Prize Indemnity covers contingent prizes on behalf of sponsors/promoters. The policy indemnifies the Insured against the Net Cost of supplying the prize. It enables companies to offer high-value prizes for a fraction of the cost.
The Prize Insurance Range includes:
- Prize Competition Insurance
- Over Redemption and Fixed Fee Insurance
- Conditional Rebate
- Contractual Bonus Insurance
Frequently Asked Questions
Any property asset or data which can be susceptible to a cyber attack.
Such Policies are issued against a Limit of Liability especially where third party clients are concerned.
Losses caused by or attributable to:
- Any Illegal activity
- Fines and Penalties
- Gross Negligence
To effect renewal you may: