What it covers
Loss of net profit and increased costs of working while your systems are disrupted by a covered cyber event, after the waiting period. Optional extensions may cover some non-malicious system failures. [TODO: confirm]
Business interruption when your systems stop.
For most businesses, the largest cyber loss isn't the response bill. It's the revenue lost while systems are down. This section covers lost income and the extra costs of keeping the business running.
How this cover works
When it responds
Once an outage exceeds the waiting period in your schedule, for the indemnity period you choose. [TODO: confirm standard waiting periods and indemnity periods]
What we look at
How dependent revenue is on specific systems, your recovery time objectives, tested continuity plans, and single points of failure in IT and suppliers.
Typical scenarios
Online sales halted
An e-commerce platform is taken offline by ransomware for six days during a peak trading period.
Operations stalled
A manufacturer's production scheduling and dispatch systems are encrypted. Orders stop moving until they are rebuilt.
Failed update
A faulty software update corrupts a core system and causes a two-day outage (where system failure cover is purchased).
Controls that matter here
These are the controls that most influence our terms for this section of cover. Missing one doesn't automatically mean no cover. It means we'll talk about it, and explain the effect on your terms.
- Documented recovery time objectives for critical systems
- Business continuity and IT disaster recovery plans, tested
- Redundancy for critical systems and connectivity
- Understanding of dependence on key cloud and software suppliers
Common questions.
Typically by comparing your actual results during the interruption with what you would reasonably have earned, using your financial records. Forensic accountants may help prepare the claim. [TODO: confirm basis].
See how your controls shape your terms.
Start a Cyber Risk Check for a clear view of your exposure and what this cover could look like for you.
Get a Cyber Risk Check
Cover is subject to underwriting acceptance and to the terms, conditions, limits, sub-limits, deductibles and exclusions in the policy wording. [TODO: link to policy wording / product summary]