Cyber Risk policy details

A Thomas Miller Specialty Cyber Risk policy offers a range of first party business interruption and third party liability exposures, all relating to the use of information technology. 

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Cyber Risk cover

Thomas Miller Specialty Cyber Risk insurance is available to new and current Thomas Miller customers and we welcome enquiries directly and through insurance brokers.  Upon underwriting assessment, the following range of cyber risks can be insured:

First party exposures

  • Loss or damage to digital assets – such as data or software including the costs of restoring or replacing these to their original condition prior to loss or damage 
  • Non-physical business interruption and extra expense – this pays for lost income as a result of any interruption, degradation in service or failure of the IT network
  • Cyber extortion – when someone threatens to damage or restrict a network or communicate with a customer base under false pretence to obtain personal information, this policy will cover the handling of any extortion demand and pay necessary extortion monies rather than allow the threat to be carried through
  • Reputational harm – where a data protection breach, actual or alleged, means the organisation suffers damage to its reputation and loss of income, for example, through loss of customers
  • Crime – financial loss from fraudulent electronic transfer or theft of financial assets from unauthorised access to your network
  • Insurance cover for these first party exposures can include not only computer crime and computer attacks by third parties, but also accidental damage and destruction as well as administrative or operational mistakes by employees and third party providers 

Third party exposures

  • Security and privacy liability – arising from a security breach of a network, transmission of any malicious code, or if breach any third party or employee privacy rights or confidentiality, this policy covers investigation and defence costs as well as any civil damages
  • Privacy regulation defence – if the organisation is investigated by a regulator as a result of the above, this policy covers investigation and defence costs, as well as any awards and fines where these are insurable
  • Multi-media liability – arising from infringement of copyright, plagiarism, unauthorised reproduction of electronic media, defamation or negligence in the content of any publication by the insured, this policy covers liability and defence costs

Customer care and crisis management support

  • Notification expenses – if there is a legal or regulatory requirement to notify individuals of a security or privacy breach, this policy will pay for the legal, postage and advertising expenses
  • Privacy assistance expenses – helping those individuals whose privacy has been breached with identity theft support
  • Crisis management expenses – costs incurred to re-establish or protect reputation or public image following a data or privacy breach

Get in touch

To find out more or to get a quotation, please contact our Cyber Risks team.

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