cyber security Insurance

Purpose of Cyber Coverage

Amidst a 300% surge in cyber-attacks since the onset of the COVID pandemic, Cyber Insurance emerges as a crucial shield. From data breaches and ransom demands to social engineering, it not only protects your systems but also secures the confidential information of those you serve.

Cyber Insurance covers both 1st party and liability benefits for a range of cyber threats impacting your business. Additionally, these policies often grant access to complementary risk management tools, including employee training, fortifying your defenses against evolving cyber risks.

Stay resilient in the digital landscape with comprehensive Cyber Insurance.

Social Engineering attacks have skyrocketed!

What is Social Engineering? Fraudulent instructions to intentionally deceive falsely attributed to a Vendor, Client, or You. Instructions to transfer, pay, or deliver Money or Securities and contain a misrepresentation of material fact.

Protecting You

Cyber Breaches

Computer And Legal Expert Costs

Privacy Breach Notifications Costs
These costs could include things like printing and sending notices to people affected, providing credit or identity monitoring for up to 24 months (or more if the law says so), using a call center for help, covering the expenses of getting an identity fraud insurance policy for those impacted, and other services.

Systems Restoration Expense: Pays Computer Professionals to get your system back up and running including consulting and labor costs, hardware replacements, and payment system restoration.

Public Relations Costs

Reputation Harm

Betterment Costs

Cyber Crime

Cyber Extortion Costs

Ransomeware Encounter

Reasonable expenses due while dealing with a ransom demand

Whether the ransom is paid or not, policyholders often incur legal costs, forensic investigatory expenses, business interruption loss, digital data recovery costs, and, potentially, liability and legal defense costs.

Money - Securities - Property Loss

Business Loss

Business Interruption Loss

Data Recovery Costs

Protecting Others

Liability Coverage

Privacy and Security Liability: Covers money you legally have to pay for damages and expenses of others.

Media and Content Liability: Covers the money you legally have to pay for damages and expenses related to media and content that went wrong.

Fines, Penalties, and Regulatory Defense: Covers the money you legally have to pay for fines, penalties, and expenses for legal proceedings for regulatory situations.

Defense Costs: Covers damages, judgments, settlements, or prejudgment or postjudgment interest, that an Insured is legally obligated to pay as a result of a Claim, including

Court awarded legal fees – Punitive and Exemplary damages

Defense – Settlement – Appeal costs

Accounting Costs

Covers costs of a specialized accounting firm that the Insured Entity has to pay to figure out if there’s been any loss of income (even if it turns out there hasn’t been).

Computer and Legal Expert Costs
Covers costs for

It includes charges for investigating and understanding the problem
Figuring out whose important information was lost or stolen,
Stopping an ongoing breach
Getting certification that the computer system follows payment card security rules
Getting legal help to deal with a privacy or security breach.

What is not covered?

Critical Infrastructure Interruption: This means we won’t cover any costs or responsibility that comes from a big failure, disruption, or decrease in the supply of essential services like electricity, gas, water, telephone, cable, internet, satellite, or telecommunications. It also includes any problems with a crucial part of these services. However, this rule doesn’t apply if you have direct control, operation, or ownership over the service or infrastructure causing the issue.

Employment Related Practices and Professional Services: This says we won’t cover any costs or responsibility that comes from doing or not doing work for others. But, if the problem is directly linked to a covered Privacy and Security issue, this rule doesn’t apply.