What is this and why do I need it?
Cyber Liability insurance covers financial losses that result from data breaches and other cyber events. Many policies include both first-party and third-party coverages. First-party coverages apply to losses sustained by your company directly.
An example is damage to your company’s electronic data files caused by a hacker. Third-party coverages apply to claims against your firm by people who have been injured as a result of your actions or failure to act. For instance, a client sues you for negligence after his personal data is stolen from your computer system and released online.
While Cyber Liability policies vary from one the next, many provide similar types of coverages.
What can Beesure provide?
Beesure have access to a wide variety of markets to meet most requirements. We have the expertise that can help source competitive coverage as well as provide a full all-round service. Our team can also offer assistance when it comes to dealing with claims.
Why is Beesure the right choice?
Beesure is best placed to help clients find the most appropriate level of cover for their needs as well as at competitive rates along with a full service.
Frequently Asked Questions
What Data is Covered?
Cyber insurance is available to cover almost every type of data. What is important to realize, however, is that individual policies do not necessarily protect all the data your company relies on. Again, understanding what you need to protect and what kinds of coverage you are actually getting is the only way to eliminate coverage gaps and cracks in your policy.
Coverage typically applies to the following categories of data:
Personal Health Information (PHI)
Any information that identifies an individual according to features of their health is considered PHI. This includes any part of an individual’s electronic medical records. All PHI is protected under the Health Information Privacy and Portability Act (HIPPA).
Personally Identifiable Information (PII)
Any information that reveals the identity of a specific individual falls under this umbrella. This could include a name, social security number, address, password, or account number. This information is subjected to a number of regulations, including the Family Education Right and Privacy Act (FERPA).
Payment Card Information (PCI)
Any information related to individuals payment card accounts. This could be credit or debit card numbers, account or routing numbers, or security codes. This information is very broadly protected under the Payment Card Industry Data Security Standards (PCI-DDS).
Any information that is not explicitly regulated but has a high value to one or more parties. Examples include trade secrets, intellectual property, formulas, internal records, or sensitive communications. Exposure of this data may not trigger fines/fees but does create costs that put companies on unstable financial footing.
Many companies rely on third parties like cloud hosting providers or co-location centres to handle aspects of data management. If data is put at risk because of the negligence of a third-party is covered under certain types of cyber insurance policies.
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Beesure Limited is a company registered in England and Wales. Company number: 10551333.
Registered office address: Ground Floor, Rowan House, Hazell Drive, Newport, NP10 8FY.