Cyber / Data Breach Insurance

Businesses today face greater risk than ever before when it comes to cyber threats.

This type of protection is also known as Cyber Liability Insurance, and provides coverage after the theft or loss of both first-party and third-party data. This means that, whether the data breach happens directly to your company or to a company whose data you are working with, you’re covered.

Cyber / Data Breach/ Network Security/ Privacy Liability Insurance

    • Includes coverage for legal fees and computer forensic costs in the event of a security or privacy breach
    • Regulatory fines and penalties included under Security Event Costs and PCI assessment coverage available by endorsement
    • Customer Notification Expenses include legal expenses, credit monitoring, postage and advertising
    • Comprehensive interruption expenses coverage, including income loss
    • Coverage for Damages to third parties caused by a breach of network security
    • Definition of claim includes a demand for monetary and non-monetary damages

First Party Protection

    • Loss of Digital Assets Coverage
    • Non-Physical Business Interruption and Extra Expense
    • Cyber Extortion
    • Cyber Terrorism
    • Security Event Costs

Third Party Protection

    • Network Security and Privacy Liability
    • Employee Privacy Liability
    • Electronic Media Liability

Example Claim Scenarios

    • Unauthorized Access: An international computer hacking group gained access electronically to the computerized cash registers of a restaurant chain and stole credit card information of 5,000 customers, starting a flood of fraudulent purchases around the world.
    • Human Error: An employee of a private high school mistakenly distributed via e-mail the names, social security numbers, birthdates, and medical information of students and faculty creating a privacy breach. Overall, 1,250 individuals’ personal information was compromised.
    • Privacy Breach: An employee of a rehabilitation center improperly disposed of 4,000 client records in violation of the center’s privacy policy. The center settled the claim with the state of Massachusetts and agreed to pay fines and penalties as well as extended $890,000 in customer redress funds for credit monitoring on behalf of the victims.