As the boundaries and possibilities of online connectivity expand and increase, so do the personal and professional networks of individuals and institutions. For businesses, this produces quicker, more efficient transactions for the benefit of both the company and the client. Unfortunately, this especially goes for the realm of cyber crime, wherein victims fall prey to such online risks as data theft, malware, and denial-of-service attacks, resulting in server shutdowns and reputational damage and costing the victims millions.
This year, RA 10173, or the Data Privacy Act of 2012, is in effect, deeming data protection, as per international standard, mandatory among various online communities. As such, businesses are encouraged to practice comprehensive safeguards to protect their assets in the midst of the rise of cyber criminality.
Prudential Guarantee, one of the country’s top non-life insurance companies, serving over a hundred thousand clients, offers Cyber Crime Protect, an insurance policy built on the company’s intent to help clients preserve their interests against cyber crime-related incidents and online risks.
Should a business be affected by cyber crime of any form, Cyber Crime Protect would cover first- and third-party liabilities. First-party coverage handles business interruption loss and restoration costs, hacker theft, and cyber extortion, while third-party coverage includes privacy and data breaches, network security claims, media liability claims, regulatory costs and fines, and e-payment or contractual penalties. In essence, Cyber Crime Protect pays damages, defense costs, restoration costs, fines and penalties, business interruption losses, and IT theft losses.
In the face of a looming threat as cyber crime, losses from online exploitation or human error are imminent. Businesses must therefore brave themselves and, with the aid of Prudential Guarantee’s Cyber Crime Protect, ensure self-protection and proper damage control-with a profit.
For inquiries, please call PGA CASUALTY DEPARTMENT: (02) 477-7242 – (02) 651-9500 – (02) 878-3000 – 0917 592-4533