Prudent Insurance Brokers
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What is Cyber Insurance?

Cyber Insurance is designed to protect businesses against the growing threat of cyber-attacks and data breaches. It helps organizations manage risk by covering the financial losses and response costs that may arise after a cyber incident occurs.

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Why is Cyber Insurance Important?

In today’s digital world, almost every business has some level of cyber exposure. With the sharp rise in cybercrime and ransomware, even small and mid-sized companies are at risk. A successful cyber-attack can lead to loss or misuse of sensitive data, privacy breaches, unauthorized access to financial records, and more. Often, companies may lack the resources to respond effectively. Cyber Insurance provides critical financial and operational support to help businesses recover and continue operations.

How Does Prudent Support You?

At Prudent, our dedicated cyber insurance team brings deep expertise in cyber risk, insurance strategy, and reinsurance placement. We partner with top-rated insurers to deliver custom cyber coverage that aligns with your business’s risk profile.

  • Review your existing cyber insurance and conduct a gap analysis
  • Source tailored coverage from trusted global underwriters
  • Ensure policies are aligned with the nature of your digital exposure
  • Provide end-to-end claims assistance and ensure prompt insurer response
  • Act quickly and efficiently—your protection is our priority

What’s Covered

Following a "cyber event" which results in interruption of the network, one may end up facing various consequences. These can include financial, operational, legal, and regulatory impacts, as outlined below.

  • Financial losses related to business interruption, additional cost for reinstating the services.
  • Costs related to appointing an event manager to who will advise and oversee the reinstatement of the interruption, investigate the cause of the interruption including appointment of a forensic expert.
  • Possible legal liability to customers.
  • Liability towards fines and penalties.

Following a "cyber event" involving an extortion demand, costs may include any ransom paid as a direct result of threats to:

  • Introduce malware, or the actual introduction of malware, including Ransomware, into your critical systems.
  • Prevent access to your critical systems or data or any third-party systems hosting your applications or data, including technology supply chain partners.
  • Reveal your confidential information or confidential information entrusted to you.
  • Damage your brand or reputation by posting false or misleading comments about you on social media sites.

A third party service provider is defined as a third party that you outsource information technology infrastructure or applications to (including hosting, data storage, colocation, and application service provision) under a written contract.

PCI fines and awards refer to any fines, penalties, and card brand assessments, including fraud recoveries, operational reimbursements, non-cooperation costs, and case management fees, which one becomes legally obliged to pay to the acquiring bank or payment processor as a direct result of a payment card breach.

A professional organization will be named in the Policy to manage losses resulting from a system outage.

Financial losses following a system outage (network interruption) include direct loss of profits and reasonable and necessary additional expenditure, such as:

  • Legal liability to customers.
  • Additional costs for sourcing products or services from alternative sources to meet contractual obligations.
  • Additional costs for additional manpower to reinstate the business.
  • Additional costs of employing specialist consultants, including IT forensic consultants.
  • Additional costs associated with operating your disaster recovery site over and above any standard costs.

Data liability refers to legal liability arising from:

  • Actual or suspected disclosure of or unauthorized access to Personally Identifiable Information (PII), including payment card information, customer bank details, or Protected Health Information.
  • Failure to adequately inform affected individuals of a privacy breach.
  • Breach of rights of confidentiality as a direct result of failure to maintain the confidentiality of any data pertaining to an employee or a senior executive officer.
  • Actual or suspected disclosure of or unauthorized access to data or data for which one is responsible.

System failure refers to a material degradation in the performance of your critical systems, rendering them incapable of supporting their normal business function.