Our OSR Products
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Our Optimum Cyber Plus policy can be written standalone or on an affinity or imbedded basis.
Optimum Cyber Plus
This policy has been designed to offer the Insured comprehensive coverage against both cyber-crime and operational errors to cover their liability for breaches of any privacy legislation anywhere in the world.
Key benefits of this cover are:
Retroactive date prior 12 months
Nil deductible applicable to Remediation costs
Monetary retention applies only to Business Interruption after the expiry of the Waiting Period
Cover extends to Cloud and Outsourced locations
24/7 incident response line
Includes Operational Errors
What We Cover
- Any business interruption loss caused by a ransomware attack, a distributed denial of service attack (DDOS), operator error (accidentally deleting data), or any other virus or malware that prevents insured from trading.
Business interruption losses and any costs to minimise a cyber extortion threat (where a third party has stolen Insureds data or threatened a denial of service attack).
Nil deductible applicable to Remediation costs which consist of Credit Monitoring, Cyber Extortion, Data Restoration, Forensic, Legal Representation Expenses, Customer Notification and Public Relations.
Cover is included for the Insured’s cloud or outsource provider not being able to provide the insured with an agreed service.
Costs to restore an insureds data that has been accidentally deleted, corrupted, destroyed or encrypted by a virus or ransomware.
Specialist I.T. Forensics to assist insured in the event of a cyber loss or attack.
Costs incurred due to any accidental breach of copyright or defamation (libel and slander).
Insureds liability for losses caused to third parties by your transmission of any virus, malware or ransomware.
Insureds liability for the loss of any Personal Data or breach or any privacy legislation anywhere in the world. In the event of a data breach we will offer IT Forensics to establish what happened, legal advice, credit monitoring (if bank or credit card details have been compromised), and Public Relations advice where required.
Mental anguish or mental injury as a result of a Data Liability Event or Network Security Event.
Insureds liability for any fines and penalties imposed by any bank or the Payment Card industry following the loss of credit card data. Including all legal costs incurred protecting you against a valid claim.
Automatic 12 months retroactive period for new policies. Retroactive date matched for those insured who currently have a cyber policy moving to Optium Cyber Plus
- Insureds legal liability to telephone or communications providers with whom the Insured has a written contract and has caused additional caused by the unauthorised use of the Insured’s digital telephony infrastructure.
- Cover for unauthorised access to internal digital telephony.
Optional Add-On Products
- FUNDS TRANSFER FRAUD (INCLUDING HELD IN ESCROW) Theft of money and fraud, including phishing scams, electronic wire transfer fraud, and social engineering.
- BRICKING INCIDENTS covering loss of use or functionality of hardware as a result of a hacking event.
Avast Firewall & Backup Solution
The policy conditions are in place to protect the insured business and it is for this reason that we are able to offer the necessary firewall, anti-virus, and data backups via our partner Avast, at no additional cost, for organisations with turnovers up to £5M that do not currently satisfy the above condition.
- There is a 24 hour incident response telephone line, where you will receive advice and assistance from specialist staff within two hours of your initial call.
Is there anything Insureds need to do to qualify for this coverage? Yes, they need to have an operational commercial grade firewall and anti-virus. Their critical data must also be backed up at least every 7 days.
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OPTIMUM SPECIALITY RISKS,
Optimum Speciality Risks is a trading name of Independent Broking Solutions Limited and is authorised and regulated by the Financial Conduct Authority (FCA) under company number 312026. Registered Office: Unit 2 Kildegaard Business Park, Easthorpe Road, Easthorpe, Colchester, Essex, CO5 9HE. Registered in England and Wales No: 616849