CYBER SECURITY

Cyber Security Insurance is designed to protect commercial businesses against a wide range of first and third party liability occurring out of cyber exposures associated with e-business, internet, networks and information assets.

Companies with access to private & confidential information about their customers have a responsibility to keep it secure. Equally, companies who have a web presence ora dependency on technology have emerging content and transactional exposures.

Cyber risk is steadily increasing. Security/Data breaches affect millions of records a year and reports of breaches continue to rise at a dramatic rate. The introduction of viruses and unauthorized access are well known examples.

WHAT IS COVERED

First Party Liability
  • E-Theft Loss as a consequence of having transferred funds or property or given any value due to the fraudulent input of data into a computer system or through a network into a computer system.
  • E-communication Loss occurring due to a customer having transferred funds or property or given any value on the faith of any fraudulent communication for which loss you are held legally liable.
  • E-Threat Loss, including the cost of a professional negotiator and any payment made or any fund or property surrender intended as an extortion payment.
  • E-Vandalism Loss, even when caused by an employee.
  • E-Business Interruption, including Extra Expenses.
  • Privacy Notification Expenses, including the cost of credit monitoring services or similar services for affected customers. (Subject to a sub limit).
Third Party Liability
  • Disclosure Liability, including customer claims due to system security failures resulting in unauthorized access to or dissemination of private information on the Internet
  • Content Liability, including claims for intellectual property, trademark and copyright infringement
  • Reputational Liability, including claims alleging disparagement of products or services, libel, slander, defamation and invasion of privacy.
  • Conduit Liability, including claims arising from system security failures that result in harm to third-party systems
  • Impaired Access Liability, including claims due to system security failure resulting in systems being unavailable to customers
  • Defence Costs cover is available for costs incurred in defending any claim brought bya government agency, licensing or regulatory organization Defence Costs in advance of the final disposition of any cyber liability claim and within 30 days of receipt of invoice for such costs.
  • Claims definition includes Extradition proceedings

CYBER SECURITY BENIFITS

Combined benefit of third-party (cyber liability) and first-party (cybercrime expense) coverage.
Broad definitions of "computer" and "system" address enterprise wide network exposure, including laptops, disk drives, backup tapes, and mobile devices.
No exclusion for fraudulent or malicious acts by employees.
Disclosure Liability coverage extends to outsourced data processing and data storage services.
Privacy notification expenses coverage is triggered without a requirement for a claim or a regulatory requirement mandating the notification.
Covers Cyber hacking and cyber-attack incidents.