Is designed to cover consumers of technology services or products from information based exposures. More specifically, the policies are intended to cover a variety of both liability and property losses that may result when a business engages in variety of activities, such as selling on the Internet or collecting data within its internal electronic network.
Cyber and privacy policies can cover a business’ liability for a data breach in which the firm’s customers’ personal information, (PHI – Personal Health Information or PII – Personal Identifiable Information) is exposed or stolen by a hacker or other criminal who has gained access to the firm’s electronic network or by other means.
The policy is designed to be tailored to meet the needs of the business for First Party (Insured):
Loss of Digital Assets – Loss resulting from damage to or corruption of the insured’s electronic data and computer programs.
Non-Physical Business Interruption and Extra Expense – Income reimbursement during the period of restoration of the insured’s computer system.
Security Event Costs – Customer notification, regulatory fines and penalties, and public relations expenses.
Cyber Extortion Threat – Reimbursement for extortion expenses resulting directly from a credible threat to the insured’s computer system.
Cyber Terrorism – Reimbursement for income loss, interruption, and special expenses directly as a result of an interruption or failure of the insured’s computer system caused by an act of terrorism.
Or Third Party (Clients / Vendors):
Network Security/Privacy Liability 0- Legal Liability for a security breach or privacy
breach resulting from alleged violations of HIPAA and other privacy protection laws/
regulations (state, federal or foreign).
Employee Privacy Liability – Legal liability for a security breach or privacy breach of employees’ PII or PHI.