Cyber Insurance and iGaming Exposures

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Description

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.

What's Covered

Cyber Risk and specialised cover such as Prize Indemnity

Cyber Risk

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

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

Key Contacts

Tonio Borg

Associate Director

ACII - Chartered Insurance Practitioner

Frequently Asked Questions

What can be insured?

Any property asset or data which can be susceptible to a cyber attack.

On what value is the property usually insured for?

Such Policies are issued against a Limit of Liability especially where third party clients are concerned.

What is generally excluded?

Losses caused by or attributable to:

  • Fraud
  • Any Illegal activity
  • Insolvency
  • Fines and Penalties
  • Gross Negligence

Renew Insurance

To effect renewal you may:

Pay over the internet using APS, BOV or HSBC Internet Banking and quoting the payment reference appearing on your renewal notice

Call on +356 234 33 234 and provide us with your Credit Card or Debit Card details

Send a cheque payable to Mediterranean Insurance Brokers (Malta) Ltd. by post

Visit our offices and talk to one of our advisors