Insurance Cover.

Cybersecurity insurance pays for first party losses and liabilities arising from a cyber incident according to the policy contract terms.

First Party Losses

—Cost of mitigation, data recovery etc.
—Costs of discovery, investigation reports etc.
—Fines and penalties
—Costs negotiation (with cyber criminals)
—Costs of crisis management and communication with affected stakeholders
—Ransom payments
—Loss of business

Liabilities

—Costs and damages to clients’ loss of data
—Costs arising from defamation, libel, slander due to the unauthorised release of digital content etc

Exclusions

Exclusions include wars and cyber terrorism which are increasingly common where cyber attacks are deployed pre-war to cripple critical infrastructure and influence social media.

Other exclusions could be physical damage and losses arising from cyber events. This would be an area of concern as we deploy more autonomous vehicles, drones and vessels where IT and OT systems are interconnected to the internet.

CASL works closely with our Advisors who are leaders in their domain of expertise to understand gaps in insurance cover to find new risk transfer solutions as cutting-edge technologies are being deployed for public use.

Endorsements

For exclusions, CASL is working with our SAMs to endorse physical losses arising from cyber attacks.

Ransom Payment & Loss of Profit

Ransom payment and the loss of business profits are key components contributing to large claims and the increase in premiums.

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Lean Strategy

To keep the cost affordable, CASL has developed a lean Castle plan that excluded any ransom payment in alignment with company polices and optionalised the loss of profit cover for Upgrades.