• Risk Management Strategies
  • Property & Liability Coverage
  • Claims Management Advocacy
  • Coordination of Coverages

Cyber Liability Insurance

CYBER LIABILITY COVERAGE IS AFFORDABLE, THE THREAT IS REAL.

WHAT IS A PERSONAL GROUP UMBRELLA & WHY DO I NEED IT?
Cyber crime has been steadily growing in recent years with data breaches becoming a regular occurrence and impacting businesses of all sizes and industry types. If you maintain personal information of employees, customers, patients, students, vendors, volunteers or others - whether in the cloud or on a network you are at risk. Here are some basic operational computing tasks that put businesses, schools, hospitals, non-profits and municipalities at risk of a cyber breach:

  • Use email?
  • Rely on networks, computers and electronic data to conduct business?
  • Browse the internet or have your own website?
  • Handle valuable or personal information on yours or another's network?
  • Participate in e-Commerce or take online orders?
  • Use your network to control production, manufacturing, inventory or a supply chain?
  • Interact or collaborate with others (clients, suppliers, partners, or the public) via the internet?
  • Advertise or promote your business online, or publish digital content?

If you answered yes to any of these questions, you face a potential cyber risk.

EVENTS THAT CAN TRIGGER NEED FOR COVERAGE
  • Lost/stolen portable computers, media, back-up
  • Computer hacking
  • Employee misuse/mistake
  • Computer/application glitch
  • Vendor negligence
  • Improper disposal of paper records or computer equipment

INFORMATION COMPROMISED BY DATA BREACHES
  • Credit card information
  • Personal financial information
  • Personal health information
  • Business information of others
  • Confidential customer data

TYPICAL ALLEGATIONS ARISING FROM BREACHES
  • Failure to protect customer information/privacy
  • Failure to notify or timely notification
  • Cost to cancel or reissue payment cards/open new accounts
  • Costs of fraudulent purchase
  • Credit Monitoring
  • Regulatory Actions - penalties & fines

WHAT THE COVERAGE PROVIDES
Policies can be tailored to include:
  • Third-party coverage in response to unauthorized access, theft of or destruction of data, denial of service attacks and virus transmission
  • Theft of personally identifiable non-public information
  • Liability arising from failure to comply with State breach notice laws
  • Privacy breach notification costs and credit monitoring services
  • Defense costs for regulatory proceedings and penalties resulting from privacy incidents when allowable by law
  • First party coverage including coverage for destruction and loss of data, as well as network business interruption and cyber extortion
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