These are the essential coverages that Marsh’s Cyber & Data Security Insurance adds to your existing mandatory PII coverage:
Covers the expenses arising from a cyber extortion threat.
Covers the payment for a forensics consultant to identify the hacker and the source of the attack, and payment for a security specialist to assess the electronic security and temporary storage of the insured’s electronic data.
Reimburses the loss of business income as a result of the cyber incident causing interruption, degradation in service, or failure of the insured’s computer systems.
- Data breach notification costs
Covers expenses incurred or obligated following a breach of data held by the insured, notification of customers, legal fees and costs associated with administering the notification process.
- Information and communication asset rectification costs
Covers repair and restoration of the insured’s computer systems arising from damage, destruction, alternation, corruption, or misuse from the cyberattack.
- Regulatory defence and penalty costs
Covers payment related to regulatory action, penalty, or fine (when insurable by law).
Covers payment incurred to engage a public relations and crisis management consultant to avert or mitigate any damage to the insured’s brand and operations.
Covers payment incurred for a credit monitoring service in compliance with data breach law.
The coverage and annual premium can be tailored to your law firm’s size, needs and budget, with the Limit of Indemnity (i.e. limit for any one claim and in the aggregate) ranging from RM50,000 to RM1 million. Each policy carries a deductible that is applicable for each and every claim.
Marsh’s Cyber & Data Security Insurance: The preferred option
Compared to other cyber insurance policies, Marsh’s Cyber & Data Security Insurance is easy-to-apply as the same information provided under the mandatory PII scheme is used — reducing the application time significantly (as opposed to the usual three to six months) as no additional form-filling is required.
We also recognise the importance of continuing to promptly attend to your clients and cases even when a cybersecurity incident occurs, hence we provide 24/7 access to our incident response team as part of your coverage to help you respond to your clients and the Courts with minimal delay — reducing your overall downtime.
