What is internet & network security insurance?
Internet liability insurance goes above and beyond the cover offered by general liability policies. Recommended for any business that uses email, has a website, uses downloadable content, or holds records of sensitive and personal information, internet liability insurance offers extended and comprehensive cyber protection against both first and third-party claims.
Cyber attacks and internet security breaches can be costly to recover from in both time and money, and for most businesses only specialized internet coverage can offer the protection required.
Supported by our large and experienced incident response team, CFC’s internet liability insurance coverage is tailored to the unique security challenges of any business that uses technology to operate. Offering market-leading incident response coverage with our internet liability insurance can make the difference between detrimental losses and get back to business as usual quickly.
Who is internet liability insurance for?
Server disruption, unauthorized email access, extortion, and other forms of internet liability breaches do not discriminate against organizations or industries. CFC’s internet and network security insurance is designed to protect any business that uses email, owns a website, downloads content, or conducts any form of business online.
Cyber attacks and internet security breaches can be costly to recover from in both time and money, and for most businesses only specialized internet coverage can offer the protection required.
With network and IT security, a business’s biggest vulnerability is assuming that it is not a target. While businesses who handle high volumes of capital or manage banks of sensitive information on a regular basis are often primary targets for cyberattacks and network security breaches, the internet is now at the forefront of almost all business processes, meaning any and every business could benefit from internet liability insurance and protection.
To meet the needs of all businesses, CFC offers tailored cyber and network security insurance offerings to meet the requirements of different organizations and industries. Our internet and network liability insurance can provide a valuable extension to existing cybersecurity practices for any business that operates online.
What does network security and privacy liability insurance cover?
CFC’s network security insurance covers businesses in the event of third-party claims of wrong-doing as well as first-party losses caused by system failures and cyberattacks. Depending on the type of coverage, our internet and network security insurance can also provide cover in the event of:
- Ransomware and other malware attacks
- Theft of funds through wire transfer fraud and other phishing scams
- Denial of service attacks
- Business interruption caused by system downtime or malicious cyber events
- Damage to business devices or software as a result of a cyber attack
- Data breaches as a result of employee error or theft
- Data breaches occurring as a result of the loss of business devices and hardware
- The unintentional transfer of malicious files to a third party
How internet liability insurance can help
When a problem with business systems or data arises, it can cost significant time, resources, and money to find the issue, restore processes and recover from any incurred losses.
With network liability insurance, businesses gain peace of mind that in the event of unexpected disruption or malicious cyber activity, they can get back to normal operations quickly.
As a network security liability insurance policyholder with CFC, alongside financial cover for losses, damages, or third-party claims, businesses will have access to 24/7 incident response from one of the largest in-house cyber response teams available on the market. Benefiting from over 20 years of experience in cyber incident response and claim management, this helps ensure a quick return to normal for all affected business areas.
Additionally, as an IT insurance policyholder, businesses will have access to our award-winning incident response mobile app. This enables instant security breach or issue reporting and swift response from our in-house team.
Tips for improving network security
The risk of internet and network security and privacy breaches cannot be fully eliminated, but there are steps any business can take to help improve network security and reduce opportunities for malicious activity.
Improving the strength of passwords and encouraging all employees to do the same is something that can be quickly and easily implemented across any business. Additionally, ensuring that multi-factor authentication (MFA) is enabled across business devices and platforms can also help to reduce the opportunities for cyber attackers to compromise devices even if they have a password.
Ensuring that multi-factor authentication (MFA) is enabled across business devices and platforms can also help to reduce the opportunities for cyber attackers.
Training employees is also highly recommended for improving network security across the business. Employees can often act as the last line of defence in the face of phishing attacks and adequate training can also help them to notice and avoid potentially compromising mistakes sooner so they can be addressed.
Keeping all network systems up to date can also help organizations to stay one step ahead of compromised security. Often cybercriminals or those looking to exploit a company will prey on those with out-of-date software. Software updates often repair bugs or weaknesses within a system that individuals with malicious intentions can exploit.
Types of network security insurance claims
Internet and network insurance is designed for any business that uses the internet and technology to conduct processes and activities. The types of claims that businesses can make on their internet liability insurance policy will vary depending on the level of coverage that is held.
Incidents and events where businesses can claim on their internet liability insurance policy can include:
- Unknowingly spreading malicious software or viruses to third parties
- Costs associated with events that compromise business continuity or confidential information
- Reimbursement of funds lost through wire transfer fraud
- Recovery from ransomware events and other malware attacks
- Recovery or replacement of stolen or compromised devices
Industries we cover
Internet and network security is something that affects businesses across all industries. With each industry posing its own unique challenges and vulnerabilities in the face of internet security, our security experts tailor our internet and network security insurance policies to meet the requirements of each industry.
We are able to provide tailored industry internet security cover for:
Internet liability & network security insurance FAQs
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How important is internet security?
Good internet security can be the difference between suffering devastating financial and data loss and being able to effectively prevent or manage a threat and get back online as quickly as possible. Internet security breaches or failures can not only mean financial loss but can also cause reputational damage that can be more costly and challenging to repair.
Maintaining effective internet and network security will not only serve to protect assets but also maintain client confidence in an organization.
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What are the most common internet security issues?
Some of the most common internet security issues are malware and ransomware, phishing attacks, viruses, and Distributed Denial of Service (DDoS) attacks. All of these can compromise business network functionality and security and can have catastrophic impacts on business assets and client confidentiality.
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Why is cyber insurance important?
Cyber insurance offers protection and support for businesses in the event of a cyber attack or breach. Cyber attacks can occur at any time and to any business, regardless of size or industry. Taking out a cyber insurance policy that covers the vulnerabilities of your business can help operations return to normal and damaged or lost assets to be recovered quickly.
Taking out a internet and network liability insurance with a trusted provider with experience in the market is vital to ensuring that your insurance covers the most vulnerable areas of the organization.
Want to learn more about CFC’s cyber policy? Visit our product page or check out our other great cyber-related resources.
