Cyber

Product Features

Can cover liability and first-party coverages
Cyber risk assessments may be available
Coverages available:

• Network/Security Liability; coverage for claims arising from unauthorized access to data, failure to provide notification of a data breach where required by law
• Media Liability; coverage for claims arising from copyright infringement, plagiarism, libel/slander in electronic content
• Computer Fraud; coverage for loss of money, securities or other property due to computer virus or unauthorized access
• Crisis Management Expenses; coverage for public relations services to mitigate negative publicity
• Regulatory Defense Expenses; coverage for governmental claims made as a result of network, security, communications, and media liability
• Systems Business Interruption; coverage for loss of income or expenses as a result of a computer system disruption caused by a virus or unauthorized computer attack, etc.

Why buy Cyber insurance?

Hacking incidents are the most recognizable & expensive cause of data loss but are not the most common:

• 40% are caused by people making mistakes, such as losing a laptop or flash drive
• 36% are system glitches
• 24% are malicious criminal attacks

Average cost of incident per customer is over $200. Costs may include:

• Customer notification & support
• Forensic research & data recovery
• Credit monitoring
• Legal fees
• Public relations
• Technology changes & staff education
• Reward & extortion expenses
• Replacing stolen funds or securities

 

Eligible Risks

Most businesses have the legal duty to notify clients or patients in the event of a data breach. High risk businesses include:

• Healthcare
• Retail & Wholesale
• Insurance Agency
• Educational Organization
• Law Firm
• Community Bank
• Childcare
• Hospitality

*Coverage may not be available for all accounts or in all states

*Applications will apply to most markets but in certain circumstances additional applications may be needed

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