Cyber Insurance
Our Cyber eRisks insurance policy is a unique insurance product with seven insuring clauses based on a modular form concept to suit our clients' needs and price expectations. A tailored policy has been created just to cover risks commonly encountered by Accounting Practices. This policy can be purchased at a discounted rate for NTAA members covered under our Professional Indemnity Insurance Policy (download proposal addendum here).
Coverage includes comprehensive professional services coverage for technology and miscellaneous professionals combined with a cutting edge privacy and cyber insurance solution providing unique first party cover such as privacy notification costs, data recovery and network business interruption as well as third party protection from media, intellectual property and privacy liabilities.
InterPrac believes Cyber Insurance products should be complemented by value added solutions and for this reason we partner with other professionals, including risk assessors, forensic experts, public relations firms and top tier legal advisors who together form our Incident Response Team.
If you would like a quote for your practice or a client please download a copy of the eRisks Proposal.
Cyber insurance typically includes:
Technology Professional Services
This covers your liability in the event you are sued as a result of your technology services. This could include breach of contract, efficacy (fitness for purpose), plagiarism, defamation, libel or slander.
Multimedia Liability
This covers your liability in the event you are sued as a result of information provided in your multimedia e.g. your website or publications and advertising material. Examples would be breach of copyright, libel or slander, plagiarism or defamation and infringement of the right to one’s privacy.
Security and Privacy Liability
This covers your liability in the event you suffer a data breach and you are sued by the affected party including customers or employees. This also includes theft or altering of data, viruses or malware, denial of service and other loss of data from your systems.
Customer Support and Reputational Expenses
If a data breach occurs, this will cover costs incurred to maintain your reputation and provide support to your clients, such as a public relations firm to help repair damage to your brands; legal costs for notifying your affected customers or offering credit monitoring services; setting up call centres for concerned customers; and bringing in IT forensic teams to ascertain the cause of the data breach and potentially remove the hacker from your system.
Data Recovery and Business Interruption
This covers the costs incurred to restore, re-collect or replace affected data stored at your premises or at your external backup data centre or storage facilities, and loss of revenue due to network downtime because of a security breach.
Privacy Regulatory Defence and Penalties
Investigation by regulators can be expensive to defend. This covers your legal costs to comply with any regulatory action taken against you following a data breach and can also pay for civil penalties (where allowed) and compensatory awards levied by regulators.
Cyber Extortion
Hackers can threaten to release confidential information or damage your computer networks in an attempt to extort money. This covers ransom paid to avoid the threat from becoming real.