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.
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Plan Highlights
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 -
Table of Benefits
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Case studies*
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 Beauty & Beauty, a cosmetics store, wrongfully publishes some alleged defamatory contents in relation to other company’s products on its company website. As a result, the affected companies file lawsuits against Beauty & Beauty.
Cost of incident Cost that CyberCare^ covers
Out of court settlement and legal defense expenses
HKD 500,000
HKD 500,000
Net amount suffered by Beauty & Beauty: HKD 20,000
Total HKD 500,000 HKD 500,000 – HKD 20,000 deductible per occurrence of event = HKD 480,000 A third party vendor of XYZ Company (“XYZ”) fails to delete their customers’ personal information from their old laptops before disposal. Eventually, the personal information makes its way into the hands of criminals for illegal trade and activities.
Cost of incident Cost that CyberCare^ covers
Public relations consultant
HKD 2,000,000
HKD 8,000,000
Net amount suffered by XYZ: HKD 1,220,000
Total HKD 2,000,000 HKD 800,000 – HKD 20,000 deductible per occurrence of event = HKD 780,000 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. -
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