CyberCare Liability and Privacy Insurance
CyberCare Liability and Privacy Insurance
In the online to offline (O2O) era, internet provides more business opportunities to most small and medium enterprises (“SMEs”).
At the same time, just a click to a spam, an unwitting online post or the loss of laptop may lead to financial loss, extra expenses and even legal responsibilities. While no security system is infallible, Zurich CyberCare Liability and Privacy Insurance (“CyberCare”) safeguards your business and provides you with peace of mind by transferring part of the risk.
Multiple legal liability coverage covering security and privacy liability and internet media liability of up to HKD 4,000,000
Contingency coverage covering privacy breach and digital asset replacement costs to protect and reduce loss followed by an insured event
Cashless settlement for data recovery by local expert
Flexibility to extend your protection to cover cyber extortion threat and reward payment
Hassle-free and simplified application process with just a few “Yes/No” questions
ABC Company (“ABC”) has recently been attacked by hackers and introduced a ransomware to its computer system. Eventually, customer personal information was stolen, and some business partners of ABC were also infected by the ransomware.
| Cost of incident | Cost that CyberCare^ covers | ||
|
Data recovery service by Zurich appointed solution provider |
HKD 50,000 |
HKD 50,000 (timely and cashless data recovery by Zurich appointed solution provider) |
Net amount suffered by ABC: HKD 50,000 |
| Litigation and compensation from lawsuits filed by customers | HKD 1,800,000 | HKD 1,800,000 | |
| Compensating affected third party claimants | HKD 600,000 | HKD 600,000 | |
| Forensic analysis of system affected by ransomware^ | HKD 50,000 | HKD 20,000 | |
| Total | HKD 2,500,000 | HKD 2,470,000 - HKD 20,000 deductible per occurrence of event = HKD 2,450,000 |
Remarks: *The case sharings are for your reference only. The actual cost covered by CyberCare will be determined on a case by case basis in accordance with the terms and conditions and exclusions set out in the policy document. ^Case sharings are based on CyberCare Plan 2 with HKD 4,000,000 maximum policy coverage and HKD 20,000 optional cyber extortion protection.
Summary: CyberCare helps SMEs to shoulder part of the potential liabilities and financial loss resulting from cyber incidents, so that SMEs can focus on recovering their business and operations.
Major exclusions: Contractual liability; intellectual property; failure of utilities; pollution; deceptive practices; government action; wear and tear; unauthorized file sharing; third party advertising services.