The policy insure the entity, management, employees and independent contractors who are natural persons to the insured entity.
The Coverage of the policy are as follows in a Nutshell:
-Wrongful disclosure of Personal & Corporate Information
-Failure to deter a Computer Malicious act
Incident Response Costs
Internet Media Liability
-Expenses & Extortion Payments arising from:Threats to exploit vulnerabilities or release information
Data Asset Loss
Some of the scenarios that may be covered:
Companies will requires to have a cyber liability insurance if it rely on Information Technology System, even for offline system, in the storage of customer information, sales processes, running its operation or running other business functions.
-Archtects & Engineeers
-Engineering & Management Services Manufacturing
-Automotive Dealers and Service Stations
-Media-tv, radi movie
-Printing and Publishing
-Colleges / Universiteis
-Employment Agency/Personnel Agency
-Blood bank / Tissue Bank
-Nursing / Retirement Home
-Accountants – Consumer Based
-Healthcare Related Services
-Search Engine Providers
-Security and Commodity Brokers
-Hotels and Other Lodgin Places
With the increase reliance on technology in our business process, companies may face unexpected liability and losses when their system has been compromised. This may be caused by not only external hackers, but also due to employee negligence / theft on company data, loss of information from stolen laptops, theft by contractors on company information and many more.
Many people will think that a breached in the company information will only happen to company with weak encryption, anti-virus and procedure. However the recent developments in Singapore has shown otherwise.
Singapore Government delinking of internet access for public servant in May 2016.
Starhub fibre broadband service outage in October 2016
There are many unreported incidents which companies being attacked or suffered losses goes unreported.
This has paved the importance for companies to enhance their security system, and put in place a good Cyber Liability Insurance.
Please find enclosed the proposal form. Kindly complete the form and send to
Name : Gerald Tey
Contact : +65 6922 7275
Email : email@example.com
Name : Irene Tan
Contact : +65 6922 8696
Email : firstname.lastname@example.org