Data Protection, Cyber Business Interruption & Blackmail Insurance Cover

Data Protection & Cyber Damage Cover

This e-commerce insurance module for data protection and internal cyber damage cover protects your online business from the incalculable risks of a hacker attack, DoS attack or other Internet crime (cyber crime).

Cyber & Internet Crime - The New Risks

As many advantages as the Internet and technologies such as cloud computing or SaaS offer, so many new opportunities have emerged for hackers and criminals to abuse these technologies. There is now a multi-billion dollar market through trade in stolen information and personal data. In our experience, it is not only the large corporations that are victims of hack attacks and unauthorized spying, but also web shops and online retailers.

Data violations can also have a completely different cause. For example, a device or data carrier containing sensitive data is stolen or lost. The consequences are no less critical.

Data Protection & Cyber Damage Cover protects your business

The insurance amount of claims related to hacker attacks, DoS attacks, computer misuse, and theft of data carriers as well as any other data infringement. These include the Costs in connection with the restoration or repair of your IT systems, the commissioning of external computer forensics analyst teams or specialized lawyers (including criminal defense) as well as crisis management & PR. In addition, the additional costs for quick elimination or avoidance of an interruption in business are insured.

The following damage is insured:

• Damage to the IT systems
• Personal data rights damage (in particular spying on personal data)
• Expenses for an (imminent) interruption in business (additional cost coverage)
• Fidelity damage (intentional damage to own IT by employees)

Assumption of costs and crisis management

The special thing about this additional module is the assumption of your own costs and additional costs, e.g. for the commissioning of

• Computer forensics specialist teams,
• Specialized lawyers,
• Consultants for the information of data owners,
• Professionals for PR & crisis management,
• Credit protection and monitoring services,
• as well as for the use of third-party systems (in particular IT and computer systems).

The aim is to get you and your customers out of the dangerous situation as undamaged as possible.

Cyber Business Interruption & Blackmail

Are online merchants - unlike their colleagues in retail stores - exposed to special risks: in particular, cyber risks such as hacker attacks, DDoS attacks, phishing and other data breaches involve the risk, as the operator: in even the most sensitive damage (so-called first-party losses suffered) to, z. B. through a failure of the web shop or blackmail by cyber criminals. The optional additional module Cyber Business Interruption & Blackmail (CBE) protects against this existence-threatening self-damage.

Cyber business interruption insurance

Your lost operating profit and the ongoing costs of the web shop are insured through electronic blocking or significant restriction of access to the shop (e.g. through a hack or DDoS attack).

Sum insured deductible

As the sum insured, you can choose a maximum of your annual net sales, but a maximum of 1,500,00$). Depending on the combination of the selected annual turnover and the sum insured, our online calculator automatically shows you the sum insured that can be selected.

Note: If you want a higher sum insured, you have to increase the sum insured for financial loss .

As is customary in the field of business interruption e-commerce insurance, there is also a time deductible with cyber business interruption insurance. This is 8 hours, but at least 1,000$.

 

 

Cyber extortion and ransom insurance

Insurance cover exists for illegal threats (blackmail) from third parties, the webshop

• To damage or destroy (e.g. through hacking, viruses, malware, etc.);
• To block (e.g. through DDoS attacks);
• Or to gain unauthorized access to business or trade secrets (e.g. customer data) in order to then use them illegally.

 

In this context, the insurer reimburses all reasonable and necessary costs for advice on preventing or reducing damage. If a ransom is requested from a third party in order to prevent the threat from being implemented, the insurer will reimburse the ransom money paid.