What is Cyber Insurance?
It is a bundled first party and third party liability insurance the covers loss or liability arising from internet-related risks, particularly data breach. It is for this reason they are sometimes called Data Liability or Data Protection Insurance.
It does not cover loss of money and securities. Such exposure is covered by Electronic Computer Crime which covers loss of money and securities using the internet, which is not covered under the Bankers Blanket Bond.
What are standard benefits under Cyber Insurance.
Cyber Insurance is a relatively new product in the Philippines, hence, there is no standard wording available in the market unlike Fire and Motor Insurance. However, here are some of the common features of Cyber Insurance in the Philippine market:
a. Notification Expenses - under the Data Privacy Act of the Philippines, companies who were victims of data breach must notify the National Privacy Commission and its clients about the breach within "within seventy-two (72) hours upon knowledge of, or when there is reasonable belief by the personal information controller or personal information processor that, a personal data breach requiring notification has occurred."
b. Extortion
c. Business Interruption
d. Fines and penalties
e. Forensic Investigation
It is a bundled first party and third party liability insurance the covers loss or liability arising from internet-related risks, particularly data breach. It is for this reason they are sometimes called Data Liability or Data Protection Insurance.
It does not cover loss of money and securities. Such exposure is covered by Electronic Computer Crime which covers loss of money and securities using the internet, which is not covered under the Bankers Blanket Bond.
What are standard benefits under Cyber Insurance.
Cyber Insurance is a relatively new product in the Philippines, hence, there is no standard wording available in the market unlike Fire and Motor Insurance. However, here are some of the common features of Cyber Insurance in the Philippine market:
a. Notification Expenses - under the Data Privacy Act of the Philippines, companies who were victims of data breach must notify the National Privacy Commission and its clients about the breach within "within seventy-two (72) hours upon knowledge of, or when there is reasonable belief by the personal information controller or personal information processor that, a personal data breach requiring notification has occurred."
b. Extortion
c. Business Interruption
d. Fines and penalties
e. Forensic Investigation