With recent data breaches hitting the headlines in Asia and Australia, loss of personal and corporate data has far-reaching ramifications that could potentially change the way business is carried out all over the world. Virtually all companies handle data and personal corporate information on a daily basis, whether it be identity card numbers and corresponding profiles of employees, credit card information, sensitive demographic information about customers, information on budgets, customer lists, share prospectus or marketing plans. The same companies face very real liabilities if such data falls into the wrong hands or enters the public domain.
This policy can provide cover for, but isn’t limited to: Covering the loss of net profit as a result of a material interruption to the insured’s network, after a denial of service attack or network security breach and Covering the damages and defence costs incurred in connection with a breach of third party intellectual property, or negligence in connection with electronic content.
Please refer to the below videos from Deloitte’s for further information regarding your potential exposures as a business owner:
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