This is an overview of the current cover provided. For full terms and conditions please refer to your Agency Agreement.
With effect 1st July 2015 SAicorp extended its Agency Agreement to include cover for Network Security and Privacy (Cyber) risks.
Data Loss Cover
Where data has been altered, replicated, corrupted, destroyed, lost, deleted, damaged or rendered inaccessible as the result of a Security Event we will cover reasonable costs and expenses incurred to replace, restore, rectify, update, recreate or recollect that data.
Business Interruption (loss of income and extra expenses)
Losses for interruption of or interference with your activities as a result of a data loss such as:
- reduction in revenue, profit or turnover;
- additional expenditure necessarily and reasonably incurred for the sole purpose of avoiding or lessening the reduction;
- additional expenditure necessarily and reasonably incurred for the sole purpose of resuming or maintaining supplies or services normally provided as part of your activities.
Privacy Event and Security Event Cover
Following a Privacy or Security Event, we will cover reasonable costs and expenses that you incur:
- to determine the existence and cause of such event;
- to determine and comply with your obligations to respond to such event;
- to otherwise notify persons affected by such event;
- to provide identity or credit theft monitoring services for persons affected by such event;
- to provide call centre services to answer inquiries by affected persons;
- for public relations or crisis management in respect of such event.
Cyber Extortion Cover
In the event of an extortion threat we will pay any reasonable costs and expenses that you incur or reasonable payments that you make:
- to meet, mitigate or end an extortion threat;
- to investigate the cause of an extortion threat.
The SAicorp Agency Agreement does not have a “cyber” exclusion and will therefore pay any costs or damages (including legal defence) for which the Agency is found legally liable to a third party as a result of a data breach or security failure, subject to the usual Agency Agreement terms and conditions.
From time to time, SAicorp will be running information education sessions to cover topics such as what you are covered for, claims scenarios and crisis management. We will be in contact when these occur.
Please refer to SAicorp contacts for further information on cyber risk insurance.