Cyber Risk
Cyber Risk
At ION Group HK Limited, we guide you through every phase of cyber risk—from prevention and preparation to response and recovery. As your independent advisor, we work with you to identify your vulnerabilities, navigate the complex insurance market, and secure comprehensive coverage from the world’s leading cyber insurers.
We provide access to advanced tools that benchmark your cyber maturity against industry standards and model potential loss scenarios, ensuring the coverage we place is precisely tailored to your risk profile.
When a cyber incident strikes, our value shifts from advisor to advocate. We immediately activate your policy, connecting you with the insurer’s dedicated team of forensic IT experts, legal counsel, and crisis PR professionals. We then manage the process to ensure a swift, efficient response and that you receive the full support you are entitled to.
Cyber Insurance
Comprehensive Cyber Insurance
Policy Coverage
Standalone cyber insurance policies provide coverage for the full spectrum of cyber risk, from human error to cyber attacks, financial losses and reputational damage.
FAQ
A comprehensive cyber policy is a critical tool for PDPO compliance. In the event of a data breach, it covers the costs of your mandatory response, including:
Legal Costs
- Fees for lawyers to advise on your notification obligations to the Privacy Commissioner for Personal Data (PCPD) and affected individuals.
Regulatory Defence & Penalties
- Costs to defend against a PCPD investigation and, crucially, coverage for fines and penalties (where insurable by law).
Breach Resolution Services
- Fees for forensic experts to investigate the breach, determine its scope, and secure your systems, which is a key part of the PCPD's guidance.
Notification Costs
- Expenses for arranging credit monitoring for affected individuals and managing customer communication
This depends entirely on how the policy is written. A standard Hong Kong policy may have geographical exclusions.
However, we can structure coverage to protect your global operations. This typically involves:
A 'Worldwide' Coverage Clause
- Many top-tier insurers can extend coverage to include incidents affecting your overseas branches, as long as the policy is led from Hong Kong.
Local Policy Requirements
- Be aware that some jurisdictions (like Mainland China) have specific regulatory requirements that may necessitate a locally-admitted policy. As your broker, we will analyze your operational footprint and ensure your program is structured correctly—either under a single global policy or with a master-local arrangement—to eliminate dangerous coverage gaps.
Modern cyber insurance is a comprehensive business interruption and crisis management policy. Key covers include:
Business Interruption
- Reimburses lost income and extra operating expenses if a cyberattack (e.g., ransomware) forces you to shut down operations.
Cyber Extortion
- Covers the cost of ransomware payments (and the negotiators to handle them) and expenses to restore systems.
Network Damage
- Covers the cost to repair, replace, or restore damaged software and systems.
Digital Asset Recovery
- Covers the cost to recreate or recover corrupted or destroyed digital assets.
Liability
- Protects you if a third party sues you for failing to prevent an attack that originated from your systems and damaged theirs.
It's vital to understand what is not covered. Common exclusions include:
A. Known Vulnerabilities
- Losses arising from a vulnerability you were aware of but failed to patch.
B. Bodily Injury/Property Damage
- Typically excluded and covered under other insurance like General Liability.
C. Intentional Acts
- Fraudulent or criminal acts by the insured.
D. War/Terrorism
- Though some policies may offer limited buy-backs for cyber terrorism.
E. Contractual Liability
- Penalties for failing to meet a service level agreement (SLA), unless specifically added by endorsement.
We will meticulously review the policy wording with you to ensure you understand all terms, conditions, and exclusions before you buy.
A robust policy provides an entire incident response team, not just a ransom fund. Upon notification, we will immediately engage the insurer's pre-approved panel of experts, which includes:
A. Forensic Investigators
- To determine how the attackers got in, contain the breach, and help restore systems safely.
B. Negotiation Specialists
- Experienced professionals who will communicate with the attackers to lower the ransom demand.
C. Legal Counsel
- To advise on the legality of paying the ransom and any regulatory notifications required.
D. Public Relations
- To help manage communications with customers and protect your brand reputation.
The goal is to get your business back online with minimal disruption and long-term damage.
