What is Cyber Liability Insurance?
Cyber Liability Insurance protects your tangible and intangible property from a data breach.
Isn’t this already covered under most business insurance plans?
The short answer is “NO”. While liability coverage for data breach and privacy claims has been found in limited instances through General Liability, Commercial Crime and some D&O policies, these forms were not intended to respond to the modern threats posed in today’s 24/7 information environment. Where coverage has been afforded in the past, carriers (and the ISO) are taking great measures to included exclusionary language in form updates that make clear their intentions of not covering these threats. Additionally, even if coverage can be found in rare instances through other policies, they lack the expert resources and critical 1st party coverage that helps mitigate the financial, operational and reputational damages a data breach can inflict on an organization.
How is this policy better than other options in the marketplace?
As with any insurance policy, what sets our coverage apart lies in the definitions and exclusions in the policy. This Cyber Policy offers broader definitions of critical terms such as Privacy Breach, Computer Systems, and Media Content. These definitions, along with the absence of some industry-standard exclusions and a drastically streamlined application process, make this policy more comprehensive and easier to access than the typical cyber policy available from traditional sources.
What does Security Breach Response Coverage cover?
This 1st party coverage reimburses an Insured for cost incurred in the event of a security breach of personal, non-public information of their customers or employees. Examples include:
- The hiring of a public relations consultant to help avert or mitigate damage to the insured’s brand.
- IT forensics, customer notifications and 1st Party legal expenses to determine the Insured’s obligations under applicable Privacy Regulations.
- Credit monitoring expenses for affected customers for up to 12 months, and longer if circumstances require.
Our policy can also extend coverage even in instances where there is no legal duty to notify, if the Insured feels that doing so will mitigate potential brand damage (such voluntary notification requires prior written consent).
Have more questions that are not answered here?
Please contact us @ 602-237-6195 or CLICK HERE to submit a quote, and a Cyber Professional will contact you within 24-48 hours