Data Protection Insurance
Why take out Data Protection Insurance?
- More than 500 million people have suffered data loss in the last 3 years.
- 600% increase in cybercrime during the pandemic according to the ONU
- 14% increase in cybercrime in Mexico during the health emergency
- 83% of Mexican companies suffer a cyber-attack at least once a year
- 35% was the increase in fraud and cybercrime complaints in 2019 compared to 2018
- $200 MDP imposed by INAI in fines to companies for cybersecurity incidents
- $11,171 MDP was the amount claimed from cyber frauds; only 45% was bonused
What does it cover?
- Liability for personal data:
- Any loss arising from the breach of personal information (using or gaining access to the insured’s computer system without authorization) is covered.
- Liability for corporate data:
- Any loss arising from breach of corporate information, public disclosure of confidential information as a corporate secret of a third party is covered:
- Budgets
- Customer lists
- Stock & shares Prospectus
- Marketing plans
- Any information which, if disclosed, would be advantageous to a competitor.
- Any loss arising from breach of corporate information, public disclosure of confidential information as a corporate secret of a third party is covered:
- Liability for subcontracted companies:
- Losses arising from a breach of personal information with a claim to an outsourced company are covered.
- Data security liability:
- Losses due to acts of error or omission are covered:
- Virus contamination of third-party data
- Inappropriate or erroneous denial of an authorized third party’s data access rights
- Access code theft
- Destruction, modification, corruption, damage or deletion of data
- Disclosure of data as a result of an information security breach
- Losses due to acts of error or omission are covered:
- Research:
- Fees, costs and expenses incurred by the insured due to an investigation are covered.
- Administrative Sanctions:
- Administrative penalties (fines and administrative sanctions issued by INAI) that the company is obliged to pay in connection with an investigation.
- Restitution of the company’s image and/or personnel:
- Fees, costs and expenses incurred by the insured in obtaining advice from a public relations consultant to mitigate reputational damage.
- Notification and monitoring.
- Notification and monitoring costs in the event of a breach of personal information or data security that occurs for the first time.
- Electronic data:
- Costs and expenses incurred due to a data security breach intended to determine whether electronic data can be restored, reinstated or collected.
