Cyber Risk Insurance

Network security breaches are deemed by many insurance experts to be the fastest growing risk facing both individuals and businesses as the use of internet services is ever-increasing. The risks faced include privacy and network security breaches. Harm through network security breaches can be caused to individuals and businesses and to all with whom they contract by means of their electronic devices.

We are very well versed in the magnitude and variety of risks to which are clients can be exposed and Phoenix Risk Solutions has the capacity to assist our clients in risk management, underwriting arrangements and claims settlement in situations such as:

• First party damage: when your own device or network is damaged by a network security breach. For businesses, first party damage can also include loss of business income. Business and individuals will both be indemnified for data recovery under a Cyber Risks insurance contract.
• Third party damage: when cyber attacks cause damage to a third party who you transact with on the internet.
• Crisis management and notification expenses: through our relationships with our carefully selected underwriting partners, we can arrange for experts to assist in limiting the extent of the security breach.