Cyber Insurance
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Cyber Insurance
Cyber Insurance Advisory Services
AlphaSec provides consulting services for cyber insurance as follows:
1. Participate in the risk assessment to assess the sum insured suitable for the organization.
2. Act as a consultant to coordinate with insurance brokerage companies in issuing cyber insurance policies that align with the organization's risks.
Generally, cyber insurance provides two main types of coverage:
1. Expenses of the insured or cyber insurance organization
- Damage from network interruption (Business Interruption)
- The cost of hiring a system specialist (IT Forensic)
- Ransom from cyber threats (Ransomware)
- Expenses incurred from investigations by government agencies
- Fines from government agencies
- Reputation salvage expenses
- The cost of notifying the affected people
- Electronic data recovery costs
2. Liability to third parties or customers of cyber insurance organizations
- Damage to third parties caused by actions, errors, error messages Misleading messages related to the publication by or on behalf of the insured
- Liability for personal data or data security
- litigation costs
Compared to the liability in the Personal Data Protection Act 2019, cyber insurance will cover the following liabilities:
1. Civil liability protection covers both actual and punitive damages. Including the wages of lawyers/legal advisors in the litigation, Damages from data breaches of data subjects
2. Does not cover criminal liability
3. Covering fines from administrative liability
4. Group litigation which is a form/method of litigation, such as a civil lawsuit by group litigation - can be covered under civil liability
The organization was hacked to release a virus to penetrate the organization's system. and demand a ransom (Ransomware), which if the organization does not agree to pay the ransom will not be able to use the computer or access their information system
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- Organizations must employ IT professionals to inspect and limit the damage.
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- Organizations lose profits from being shut down
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- A ransom that the organization agrees to pay to the hackers. by obtaining the consent of the insurer first
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- Government agencies ordered fines.
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- Organizations are sued for leaking the personal information of customers.
Hackers attack corporate computers. Or corporate systems on the Internet Cause the organization's system to deny or stop providing service (DDoS).
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- Organizations must employ IT professionals to inspect and limit the damage.
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- Organizations lose profits from the inoperability of enterprise systems.
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- Organizations are sued for damages caused by customers due to the inoperability of corporate systems.
Hackers break into corporate websites. And disseminate text, images, and/or sound against the government or infringe on privacy rights.
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- Organizations must employ IT professionals to inspect and limit the damage.
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- Government agencies ordered fines.
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- Organizations were sued for data breaches via computer media.
Example
Cyber Insurance Policy Coverage
