CyberLiability

Cyber liability Starting at $675     Application

What is cyber insurance?

Network Security & Privacy Insurance (Cyberliability):

Virtually every organization handles some type of private or confidential information or relies on a computer network to run their operation. Examples of private information includes: social security numbers of employees, account numbers, dates of birth, personal health information, credit card numbers or other sensitive information obtained from vendors.
Every organization faces potentially catastrophic liability if this information is mishandled or becomes public. The risk is the greatest for smaller organizations that potentially don’t have the most sophisticated security, security training for all employees, time and resources to deal with regulators, or the balance sheet to thwart litigation, pay fines or wait out a material drop in revenues following a security event. Hackers have repeatedly targeted smaller businesses with ransomware, denial of service attacks and theft of confidential information knowing they are softer targets than a well fortified Fortune 500 company.

 

Where do claims and losses come from?
• Third Party Claims: Customers, clients, trading partners, patients, vendors,
volunteers, employees
• Regulators: FTC, Office of Civil Rights (OCR), Department of Health and Human Services (DHHS)
• Banks/Payment Card Processors: PCI Compliance fines, penalties and assessments.
• Regulatory Violations and Government Investigations:
47 State Privacy Regulations requiring notification to potential victims, state agencies and the media. One state now requires providing credit monitoring services to potential victims.  Federal Regulations: Gramm Leach Bliley, HIPAA/HITECH, FTC Red Flag Rules and others

Help!

One insurance policy expressly addresses this evolving privacy exposure: Security & Privacy Insurance, also known as Cyberliability Insurance. Liability arising out of privacy and security matters is costing millions of dollars to organizations of all types. And this liability is not covered by conventional policies such as Professional Liability, Commercial General Liability, Property, Crime or Media Liability Insurance policies. Many companies have gotten tangled in litigation with their insurers and insurance brokers trying to find coverage where it doesn’t exist rather than purchase the proper policy – Cyberliability Insurance.

Cyber insurance covers your business  for a data breach involving sensitive customer information, such as Social Security numbers, credit card numbers, account numbers, driver's license numbers and health records.

It also covers in case you expose Intellectual property belonging to a business partner or allow access to another computer system you and your employees have access to.

Cyber coverage is an important component of an overall insurance protection package for any type of organization. The below checklist illustrates key coverage and features every insured needs as part of their Cyber insurance program.

Third-party (liability) and first-party coverage – provides protection to the insured for liability to others and expenses incurred to respond to a breach

Worldwide coverage – applies to claims made or events occurring anywhere in the world

Extended reporting period – applies to crisis management and security breach expense coverage

Third- Party Liability Coverage-

•    Liability arising from accidental release, unauthorized disclosure, theft or loss or misappropriation of protected personal  information
•    Liability arising from denial of service attacks or the inability to access websites or computer systems
•    Liability for failure to timely disclose an incident or to comply with your privacy policy
•    Regulatory action defense, fines and penalties coverage including payments to consumer redress funds
•    Crisis management and related expenses can be reimbursed or paid on your behalf
•    Punitive damages (where allowed by law)

First-party Coverage

•    Crisis management expense coverage for enterprise security events written on an occurrence basis with discovery trigger
•    Voluntary notification coverage, as well as call center services
•    Public relations expense, including web content development, spokesperson training and media talking points
•    Fraud prevention services, including credit and/or identity monitoring and ID theft insurance for affected persons
•    Computer system extortion expense and loss coverage

Other Policy Coverage Highlights:

•    Aggregate retentions for 1st party and liability coverages subject to a single policy aggregate retention
•    Blanket additional insured coverage
•    Automatic subsidiary coverage including newly created or acquired entities
•    Panel of pre-approved service providers
•    Late notice permitted if legally prohibited from disclosure
•    Breach Coach Hot-Line
•    Coverage for PCI Fines and Recertification
•    Media coverage for website content and content published on social media
•    Business Interruption Loss Coverage
•    Data Restoration Coverage

Cyber Risk-- We have you  covered Refer to policy for limits/sublimits.

• Enterprise Security Event Liability
• Payment Card Industry – Data Security Standards (PCI-DSS) Fines
• Privacy Regulation
• Media Liability
• Crisis Management Expense
• Fraud Response Expense
• Public Relations Expense
• Forensic and Legal Expense Includes PCI Re-Certification Services
• Extortion Loss
• Extortion Threat Reward Reimbursement Expense
• Bricking Coverage
• Cryptojacking Coverage
• Invoice Manipulation
• Mitigation Expense
• Ransomware Loss
• Reputational Loss
• Proof of Loss
• Social Engineering Fraud Loss
• Telecommunications Theft Loss
• Business Interruption – Service Disruption
• Business Interruption – Service Failure
• Business Interruption – System Disruption
• Business Interruption – System Failure
• Data Recovery Expense
• Proof of Loss