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Overview

Cyber Risks Insurance

CCW Global is a specialist in providing businesses in Hong Kong with comprehensive risk management and insurance solutions. As part of our expanding business insurance product line we have introduced extensive Cyber Insurance options to ensure that all our customers have the highest levels of protection possible.

Since the global emergence of the internet at the end of the 1980’s the modern business landscape has shifted significantly away from pre-industrial and industrialized practices; commerce and communication have moved from the analog to the digital, which has seen a wave of change impact every aspect of modern life.

For businesses worldwide, the digital paradigm shift has yielded revolutionary opportunities in the form of the world economy and a much more interconnected planet – where companies in Hong Kong are able to easily and efficiently do business with organizations in Europe and North America in the blink of an eye. However, despite the benefits of a more interconnected world, where technology enables ever greater growth and instant gratification for results, a host of risks have developed in line with the wider digital ecosystem.

Risks

What is Cyber Insurance?

From “script kiddy” hackers, DDOS attacks, network penetration events, and even state-sponsored espionage, there are real and developing risks to businesses throughout the world which have traditionally not been addressed by high-level insurance offerings.

Cyber Insurance products from CCW Global are designed to bridge the gaps of industrial-age business insurance products and provide liability coverage for a company against the developing challenges of an “always-on” economic environment and the ease damage which can be caused by individual end-users.

Coverage

What does Cyber Insurance Cover?

Cyber Risk, or Digital Insurance, is designed to provide insurance protection against, and limit the impact of, a company’s losses following a cyber-incident. Cyber Insurance plans from CCW Global in Hong Kong can be tailored to meet the specific needs of the organization purchasing the policy and can include protection for:

  • E-Business Interruption
  • E-Vandalism Losses
  • E-Threat Losses
  • Privacy Notification Expenses
  • Crisis Management Expenses
  • Reward Expenses
Laptop and digital asset

Coverage

3rd Party Cyber Liability Insurance Coverage

Additionally, there are generic options for 3rdParty Cyber Liability products from CCW Global in Hong Kong which provide more generalized liability covers for a wide range of risks stemming from a cyber-incident. 3rdParty Cyber Liability insurance coverage from CCW Global can include protection for:

  • Disclosure Liability
  • Reputational Liability
  • Content Liability
  • Conduit Liability
  • Impaired Access Liability

More Information

Why Should HK Businesses Obtain Cyber Insurance?

In the modern world it is a simple fact of life that, no matter how well protected, a computer network or company Information Technology system will eventually be compromised at some point during its existence.

With the range of global regulations being drafted in countries worldwide specifically to address the issues posed by cyber-risks, the losses a company will face in the aftermath of a cyber-incident can be extreme – merely due to the extensive reporting requirements mandated by local governments! This does not even factor the reputational risks of having a “secure” network exposed, or the data-privacy and liability concerns presented to the end-using customer in the wake of a systems breach.

With traditional business insurance products not catering to new IT and technology developments, and change occurring ever faster in the digital sphere, the potential for a catastrophic loss resulting from a digital risk is very real.

From Online Retailers (or brick-and-mortar retailers with an online presence), Financial institutions, NGO’s, and Manufacturers, through to Entertainment organizations and F&B companies and IT providers, any company which uses the internet or computers to conduct business (in any way, shape, or form) is at risk for a Cyber-Incident. As such, CCW Global recommends that all Hong Kong companies strongly consider the purchase of a Cyber Insurance policy.


Exclusions

What Does Cyber Insurance Not Cover?

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It is important to note that Cyber Insurance products from CCW Global are designed to provide protection against losses which have resulted from some form of cyber/digital “attack” and is not an IT Errors and Omissions policy.

Consequently, a Hong Kong Cyber Insurance plan from CCW would not cover losses resulting from flawed software or services provided by an IT or Software company.

Organizations interested in IT Errors and Omissions should consider the purchase of an Information Technology Professional Indemnity plan.

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Quotation

Free Cyber Insurance Quotes in Hong Kong

If you would like to receive a free quote for a Cyber Risk Insurance policy on your business, company or organization, simply complete the short form on this page. Once you have submitted your quotation request an expert CCW Global insurance broker will contact you to further discuss your coverage requirements.

Further reading on how we generate our Cyber Risks insurance quotes can be found by clicking Business Insurance Quotes.

Alternatively, please Contact Us to speak directly with an advisor today. 


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In case of urgent assistance please call our office at (+852) 2114 2840 during business hours.