Cyber Insurance and Privacy Insurance

Cyber insurance has risen to the top of business agendas during the pandemic, with responsible CFOs acknowledging a cyber attack is a "when" and not and "if". Technology, data, and infrastructure are the oxygen of modern businesses - but the invisible threat of cyber-crime, combined with the potential for tech infrastructure to fail, and the ever-evolving regulatory landscape, represents a minefield for modern business.

There's no "one size fits all" in cyber insurance - so it's esstential to get the right advice on the cover you need for your specififc activities.

What if:

• Your network or ‘cloud’ were hacked – and the data regulator insists you notify customers of the breach?
• A malware attack interrupts your operations, leaving a hole in your revenues?
• You incur cost in reconstituting valuable data that’s been stolen?
• The data regulator enforces painful financial penalties on you following a breach?

In the wake of numerous high-profile cyber-crime cases, including network and data breaches, businesses globally are shoring themselves up against a range of new global tech and cyber risks. As experts in customized insurance for technology and mediatech businesses, La Playa is the ideal partner to design a watertight cyber insurance solution for your cyber risks.

Cyber Insurance Coverage can include:

Protection against costs, expenses and liability arising from:

• Breach of Privacy or Confidentiality – critical defense against your liability for violation of privacy rights or breach of confidential information
• Data Breach Costs – reimbursement of your costs incurred in dealing with a regulatory investigation, including post-breach costs such as legal, PR & crisis management expenses, customer notifications, credit monitoring and identity theft monitoring costs, and network forensics
• Regulatory Fines or Contractual Damages – to reimburse sums* you’re legally obliged to pay as a direct result of a breach of privacy law or contractual obligation, including PCI-DSS penalties
• Cyber Liability – your liability for customer/user financial loss or denial of access
• Consequential Loss – for your lost income as a result of viruses, network failure or damage, hacking or cyber-crime causing ‘down-time’
• Data Extortion – protection against the threat of extortion as the result of ransomware, theft of data, or damage to your computer network
• Problems with an outsourcer - we’ll help build protection wherever you face loss or liability, and wherever it arises in your supply chain – including cloud providers & overseas data processors
• Costs of restoring or recreating data

* where insurable at law

We're able to reward clients' prudence in managing their Cyber and Privacy liability proactively - if you can demonstrate the precautions you've taken, we may be able to negotiate broader Cyber Insurance coverage at better rates on your behalf.