Protect Your Business against Online Risks and Cyber Liability
- Ask about Cyber Liability Insurance and Cyber Security Insurance in Dubai or anywhere in the GCC
Technology rules our lives like never before. Digital communications have taken on a new meaning with the advent of social media. As we progress very rapidly through this digital age, technological advancements have changed the way we look at things. Internet of things (IoT)is the new mantra and will soon govern the way we live our lives. These are all the inevitable signs of what we consider to be good progress.
However, while there is a bright side to technology, it also comes with an inherent threat and associated risks. For a business owner, the reality of cyber risk has never been more intimidating.Cyber Liability and Cyber Security Insurance are as essential in your business protection toolkit today as other business insurance policies such as fire, flood, theft, etc. Business across all industry sectors and size of operations are vulnerable to cyber risks.
Cyber liability is a very broad term and can be caused by any of the following:
Human action or new action
Stolen hardware devices – this is a common phenomenon due to the shrinking sizes of devices and ease of portability. Loss of laptops, iPads, USBs, etc. are also common examples but these thefts are not restricted only to these devices.
Emailswith multimedia and/ordata sent incorrectly – emails containing confidential information sent from an employee’s mailbox to an unintended recipient/s may increase exposure to cyber risk and liability.
Data Theft – this may occur due to ineffectively protected data or the vulnerability of data when accessed from outside the organization’s secure networks. This type of data loss is common in cases where a BYOD (Bring Your Own Device) policy is in existence and employees or associates are frequently connecting to the corporate network from public and / or unsecure networks.
Phishing e-mails – these typically impersonate a known and trusted brand and direct the recipient to a website seeking personal information and files, bank details, passwords and other confidential data.
Denial of Service – a cyber attack whereby attackers bombard a site with a large number of requests that cause a system overload and the site collapses, thus preventing normal business to be conducted.
Cyber Extortion – these are cases of threatening a direct cyber-attack or by activation of implanted Trojan/virus unless a ransom amount is paid.
Damage of Reputation – this typically occurs in the case of a security breach where your organization is perceived to have failed in ensuring due diligence and appropriate security measures to keep customers and their data from falling into the wrong hands.
What to Look for in Your Cyber Liability Policy
DIC’s Cyber Liability and Cyber Security Insurance covers:
Information security and privacy liability
Regulatory and defense penalties costs
Website and media content liability
Crisis management and public relations costs
First party data loss and data asset
Cyber extortion loss