Data and the functions of an IT operating network system are amongst the most valuable assets of today's businesses. The creation of automated real time business process systems has undoubtedly enabled significant improvement in all business productivity. Organisations have become heavily reliant on their IT networks and connectivity to the Internet in order to carry out their operations. The business interruption associated with the failure of these networks can be as dramatic as with any tangible property loss.
Standard business interruption and property insurance policies are desigend to cover the business risks associated with traditional losses where physical damage or loss to property has occurred. Data, IT networks and computer programmes are intellectual property and are therefore not necessarily covered.
Despite increasing reliance on data and IT systems, most businesses are not covered for the operational threats emanating from the myriad of new risks associated with network failure and other non-traditional perils that could severely impact their operations. Non-traditional perils facing IT networks include:
- Data extortion
- Hacker attack
- Employee sabotage
- Human error
- Cyber fraud
- Virus transmission
- Phishing
- Power failure
- Natural disaster
- System malfunction
- Malicious damage
- Pharming
Dataguard has been specifically designed for companies who have a dependency on their computer network. It bridges the gap in cover with traditional policies and provides leading edge protection to take away the resulting first party financial loss of network revenue, data reconstruction and company image re-establishment costs.
Key Cover
- Costs for replacing, restoring or re-collecting data which has been corrupted or destroyed by network failure, error, attack or sabotage;
- Cover for data stored by third parties, such as IT outsource providers;
- Loss of revenue and extra expenses as a result of system interruption;
- Additional staff expenditure / overtime payments;
- Public relations expenses to rebuild reputation following system outage.
- Subject to agreed limits, protection from the effects of viruses, Trojans, worms and time or logic bombs;