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Cyber & Data Insurance

Commercial Insurance

Cyber Insurance

Cyber insurance was developed to fill the gaps left by traditional policies that were not designed to handle the increasingly creative cybercrime exposures, evolving privacy landscape nor the resultant impacts.

We live in a digitized world and we rely heavily on technology, which we know has inherent flaws stemming from both the technology itself through to the users of the technology. Never before has awareness, security, risk transfer and risk management been so important to our connected world.

contact

Key Contact

HWI Cyber Practice

Risk management, risk placement; claims management

Cyber is a dedicated specialty at HWI where focus is placed on risk management advice and consultation on cyber insurance, the legislative impacts and emerging/evolving risks associated with cyber exposures. We leverage our global HWI platform to access international and specialty insurance markets including direct access to Lloyd’s of London, to stay up to date on the domestic, US and International cyber landscape and to deliver bespoke risk transfer solutions to our clients.

Our Cyber Practice endeavors to stay on the leading edge of the latest cyber insurance products and trends in this fast-paced and ever-changing space in order to be a valuable resource to colleagues and clients. We accomplish this by driving resources and information to our clients partnering with key firms to round out legal, legislative and claims perspectives.

faq

Some of your questions answered

What is Cyber Insurance?

Cyber insurance is a constantly evolving suite of insurance coverages and services designed to protect and prepare your organization for both 1st party and 3rd party events. This type of insurance consists of two main components:

First-party coverage – Expense cover for costs your business incurs in dealing with a breach, such as:

Notification Costs
Forensic Investigative Costs
Business Interruption
Crisis Management Expenses
Data Restoration: Cyber Extortion
Regulatory Proceedings Coverage

Third-party coverage – Liability coverage for the organization arising from the event/breach:

Network Security Liability
Privacy Liability
Internet Media Liability

Who needs Cyber Insurance?

Hint – you do!
Any organization that uses technology to conduct its operations i.e. every organization.

If you collect or store any personal information including employee information or customer contact details, you have a risk exposure.

Every company faces cyber risk regardless of size. Cyber insurance has advanced from an optional risk transfer tool to a risk management necessity for business resiliency.

Why do I need Cyber Insurance?

Because it is critical to your business’s continuity plan!

No matter how carefully your organization has set up your cybersecurity protocols, you can still become victims of a costly cyber event. We work closely with your business to assess your cyber exposure, provide guidance with respect to risk mitigation solutions and build bespoke solutions to respond to your needs as they navigate the evolving risks of a connected world and the potential impact on your business.

We can provide a quick roadmap and point you in the right direction based on risk exposure.

Are you prepared to comply with the legislative requirements of a data breach?
Are you prepared to navigate a cyber-extortion event?
Do you know your true business interruption exposure through your networks/source code/vendors?
Do you know how you would recover your brand and stakeholder relationships from a breach?

A cyber insurance policy is a valuable support mechanism to the cyber security infrastructure, it can provide a balance sheet and income sheet protection and provides access to a suite of rapid response services and experts to support your business continuity & response plans.

For example, in the event of a cyber incident a range of specialists are required such as forensic cybersecurity specialists to assess the scope of the damage; lawyers for advice on obligations regarding privacy legislation; PR firms and crisis communication specialists. There is coverage for costs associated with notifying affected individuals as well as remediation expenses, including credit monitoring and establishing call centers. Cyber policies are designed to cover lost income and accrued expenses as a result of a cyber incident as well as costs to restore the data and network.

In the absence of cyber insurance, your organization would be left with unbudgeted costs and expenses in complying with privacy regulatory bodies not to mention left on their own in sourcing/vetting specific required resources.

Benefits of working with HWI

Continuous market evaluation

A key component of the cyber practice at HWI is to evaluate the market, identify preferred insurers and keep abreast of insurance policy wording on an ongoing basis. The rapid evolution of cyber coverage and the lack of a standard industry-wide form has left plenty of room for variation from policy to policy.

Industry Expertise

Our knowledgeable team will help you understand the basics of a cyber insurance policy and how the coverage responds to an incident. This is critical for companies that face a constant emergence of new cyber exposures and risks.

Claims Management

Our practice also takes the lead in the management of claims. Our continuous tracking and monitoring of all reported cyber claims across our clients as well as across the industry positions us to both advocating and educating our clients in this space.