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FOR INTERMEDIARIES ONLY
Cyber Select
FOR INTERMEDIARIES ONLY
Cyber Select removes the complication from cyber insurance. With comprehensive cover for first party, third party and crisis management costs, plus the ability to choose the limit based on business size and need, your client can be reassured that they are covered by one of the most inclusive offerings in the market.
Dedicated cyber underwriters
Cyber Select is available locally through our branch network and underwritten through our dedicated cyber underwriters.
Access to 24/7/365 incident response helpline
In case of an actual or suspected cyber security breach, your client will have access to a 24/7/365 hour incident response telephone service.
Standalone comprehensive product
Cyber Select can be purchased standalone or as part of a package.
Cover highlights
Crisis Management
Cover for costs incurred in managing the impact of a suspected or actual cyber incident. In the event of a cyber attack, the priority for a business is to regain control through identification, containment and removal of the threat.
We will cover:
- Forensic experts – the cost of an IT forensic expert to identify, contain and repair a breach, plus restore the data. They’ll also work with the insured to understand their specific vulnerabilities and proactively manage these in order to minimise the chance of a recurrence.
- Data Breach Response Costs which include:
Legal and Regulatory Advice Costs - to advise the insured on their legal and regulatory duties, including any notification responsibilities to third parties and/or the regulator.
Call Centre Costs – the cost of operating a call centre to handle enquiries from affected customers and third parties. This provides a separate, dedicated hotline in order to avoid disruption to daily operations.
Credit Monitoring Costs – the cost of credit monitoring of affected third parties. - Emergency Costs – an emergency fund of up to £100,000 where the insured needs to take urgent action to mitigate a loss but is unable to obtain our written permission.
- Reputational Advice Costs – the cost of a consultant to assist with managing any reputational impact including negative media, and helping to protect the insured’s brand.
First Party
Cover designed to lessen the financial impact on the insured by covering clients’ own losses for the expenses of responding to a breach.
We will cover:
- Business interruption – any loss of profits due to total or partial unavailability of IT systems, whether arising from a cyber attack, technical failure or human error. Our indemnity period covers profits lost up to 180 days following the event which automatically incepts after 12 hours of business interruption.
- Restoration costs – costs required to restore any system functionality and lost data, helping to get systems and networks back up and running swiftly.
- Extortion – Costs to resolve or terminate the threat of extortion.
- Hacker theft - Covers payments wrongfully made by the insured due to a cyber attack.
- Criminal reward fund – the amount paid to a fund in order to offer a reward in return for information which leads to the arrest and conviction of those responsible for the cyber attack.
- Telephone hacking – covers the costs arising from hackers using the insured’s telephone system and internet bandwidth.
- Betterment – covers reasonable updates or improvements to systems and software following a claim, helping to reduce the likelihood of future attacks.
Third Party
Covers your client’s liabilities to other parties.
We will cover:
- Privacy and Confidentiality – covers the cost of damages awarded and defence costs for loss suffered by third parties as a result of a data breach, even where this does not result from a wrongful act.
- Network Security – damages or defence costs for which the insured is liable due a cyber attack occurring as a result of failure to secure their computer network.
- Media Liability – for damages or defence costs for third party claims (including defamation, invasion of privacy, infringement or any unfair competitive advantage gained), which arise from digital publications.
- Regulatory Legal Costs and Internal Investigation Costs – for defence costs, and any penalty and fine insurable by law resulting from a privacy and confidentiality breach. This also covers defence costs arising from an internal investigation due to a regulatory request and Consumer Redress Fund costs
- Payment Card Liability – costs arising from a breach of contractual duty and damages to customers arising from non-compliance with payment card industry data security standards.
Risk appetite
Allianz’s broad trade appetite means we can accommodate a wide variety of businesses from SMEs to mid-corporate companies with a turnover of up to £350m. Our sister company Allianz Global Corporate & Specialty (AGCS) caters for larger, global businesses with a turnover above £350m.
Why choose Allianz?
Long-standing expertise
As part of the Allianz Group we’ve been writing cyber insurance since the emergence of this cover meaning we have long-standing expertise and a solid position in the market. Working with our global experts, we’ve taken our existing knowledge and capability and tailored our offering for the UK SME and mid-corporate market.
Technical excellence
We’re a stable, solid organisation so you can trust our pricing, our cover and our commitment to paying claims. We’ve designed Cyber Select to be easy to understand, with a succinct question set and simple rating mechanism, whilst also recognising the need for robust post-breach support in the event of a claim.
Cyber understanding
Our local specialist cyber underwriters have been specifically trained to understand the latest cyber trends and threats in order to be able to recommend the most appropriate cover for your clients. In the event of a claim, our claims experts are on hand to guide your client through the journey.
Risk management expertise
Designed to help manage the risk to your client's business and relevant legislation.
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It must not be made available to anyone other than the intended recipient, either in its original form or any reproduction.