Cyber insurance assists with the financial costs associated with a cyber event.
Cover for cyber events
Cyber insurance can cover first and third party losses. First party losses are losses suffered by the insured. Third party losses are losses suffered by a third party because of the actions of the insured, and for which the insured is (or may become) legally liable to compensate the third party for.
Some insurance policies also provide enhanced benefits such as a retained response team of IT, legal and public relations professionals, who are on standby to respond to an event as soon as it happens.
Not all cyber insurance is the same. The scope of cover offered by each insurer will be outlined in full in their policy wording. As with any type of insurance, we strongly recommend you read and understand the policy wording before buying. If you have questions about the cover offered, you can seek advice from your broker or an independent legal adviser.
The following ICNZ members currently offer standalone cyber insurance policies:
- www.connectsmart.govt.nz — the New Zealand Government’s cyber security initiative