Cyber Insurance

Cyber Insurance

Today, Cyber Insurance is a necessity for the majority of businesses in Ireland. At Gallagher, we provide market-leading Cyber Insurance from premium insurers who understand cybercrime and the risk associated. Cyber Insurance can help to protect your business against cybercrime, data breaches, risk prevention, and business interruption. Our Cyber Insurance specialists can tailor policies to your individual business requirements.

The cyber threat to your business

• The files of your company unexpectedly become encrypted, and a ransom demand from a hacker arrives
• A staff member leaves their work laptop on a train, which contains personal data, resulting in notification requirements under GDPR
• An employee of your company makes a bank transfer of €25,000 to a fraudster after falling victim to a phishing email supposedly from a senior manager
• An employee misconfigures a software update over the weekend, leaving systems unavailable and causing business interruption

Overview of key covers

• Data breaches — where personal or commercial information (electronic or otherwise) is accessed without authorisation;
• Security failure — a hacker exploits weaknesses in your security systems, leaving your business exposed;
• Cyber attacks — any digital attack against your business;
• Extortion — criminals holding your systems or data to ransom or threatening to publish information;
• Human errors — mistakes made by staff or suppliers that result in a data breach or system outage;
• Business interruption — covering the loss of income that you may suffer from a cyber attack;
• GDPR — covering your liabilities and the cost of defending regulatory investigations after any alleged breach of data protection legislation;
• Reputational damage — includes PR and crisis management support and covers lost revenue or customers;
• Financial crime and fraud (optional cover) — the use of the internet to deceive employees, customers, or suppliers into transferring money or goods;
• Dependent business interruption (optional cover) — covering lost revenue or increased costs incurred if a supplier’s systems are taken offline by a cyber incident.

Key benefits in event of a breach

• Access to a panel of experts, including legal services, IT forensics, public relations, and crisis management
• Assistance with the notification and management of the data breach with the Data Protection Commissioner
• Management of communications strategy to develop and release the right message to customers, clients, and all
  relevant stakeholders
• Prioritised containment, eradication, and recovery of business data and IT systems, and investigation into the cause of the breach
• Education resources to prevent cyber incidents from happening through access to online cybersecurity training modules for you and all your employees