Cyber insurance online in minutes

Edmund has its focus on cyber risks and exposures to all types of business. Edmund wants to help customers manage these risks. Edmund has honed its problem-solving ability and expertise in Cyber Insurance to offer the Edmund Cyber Insurance Policy.

With data breaches and hacking seemingly inevitable and the detrimental impact inescapable, cyber risk insurance is designed to help businesses mitigate risk exposures by offsetting costs involved with recovering from a cyber-related breach or similar event. Cyber risk insurance can transfer some of that risk to the insurance market and enable the business to financially survive a cyber security event. Generally, Cyber risk insurance policies have two primary components:

• First-Party cyber cover for urgent response costs related to a data breach resulting in loss to the insured. For example: costs relating to threat of extortion, loss of income due to interruption of the business, costs of reinstating data, and computer forensics.
• Third-Party cyber cover for claims brought against the insured by third parties who allege they have suffered loss because of the insured’s actions. Demands can also come from government bodies due to the insured’s legal obligations to secure personal or commercially sensitive data. For example: legal/defence costs, settlements, privacy liability, notification expenses, and media liability.