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Cyber Liability

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Photo by Christopher Gower on Unsplash
Photo by Christopher Gower on Unsplash

Cyber Liability

Cyber Insurance (sometimes called Cyber & Data Breach Insurance) is designed to cover businesses or organizations for information breach, privacy liability, and/or data breach-based exposures. This type of insurance has two major elements, which can be purchased separately or together, and can be found either within a commercial package (Business Owners Policy) or a stand-alone policy.

The first element of Cyber Insurance is typically called First-Party data breach coverage. It provides protection for cyber-related incidents that directly impact the firm. This will give the firm a “response fund” after a cyber or data breach, to cover the costs of client notifications, forensics, credit monitoring, public relations, and other response costs. It can also provide the firm with “business interruption”. That covers any lost revenue for the firm if their system must be shut down due to a cyber incident. It also pays the extra expense needed to get the firm back running. If a cyber incident results in damaged or lost data, first-party coverage will cover the costs to replace or restore that data. The last major part of first-party data breach is “network extortion.” Many cyber criminals will get into a firm’s database system and threaten to leak/release the personal information if they are not payed a ransom. Network extortion will pay for that ransom.

The other element of Cyber Insurance is known as Third-Party Liability coverage. While many carriers may have slightly different names for this type of coverage, it all boils down to coverage for your clients, or any other third-party whose information you store. It will provide financial indemnification (damages, settlement costs, and costs of legal defense) if a claim is made saying that the business or organization failed to protect the personal information of others from a cyber incident. Common names for this include cyber liability, privacy liability, and information security liability coverage. Third-party liability coverage may also pay credit card companies if the card information stored was leaked as a result of an incident. Some carriers will also add media liability, which will cover copyright and trademark infringement claims against your firm.

To mitigate the cyber exposure, businesses should have a formal security policy in place, security compliance audits, data incident management, a disaster recovery plan, ongoing testing of the disaster recovery plan and business continuity planning. While there isn’t an absolute way of stopping all attacks, you can have processes in place and a strict adherence to the processes that can assist in reducing the potential for a catastrophic loss.

FAQ'S

What is Cyber Liability Insurance?

Cyber Liability coverage is necessary for organizations that conduct business electronically. This may include electronic media liability, electronic information security and coverage for data breach expenses in which the firm’s customers’ personal information, such as Social Security or credit card numbers, is exposed or stolen.

How can I obtain the coverage?

The documents required are a carrier specific application, the number of records that are held by your organization and prior loss history.

What is the cost for this type of policy?

The premium cost is dependent upon the data the organization houses, level of revenue and prior loss history.

What are the benefits?

Cyber Liability provides defense costs, remediation and state applicable notification expenses and/or fines.

How much coverage do I need?

The level of coverage is dependent upon the contractual obligations and amount of data stored.

What do I need to implement coverage?

Signed final proposal and a premium check.

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Statements on this web site as to policies and coverages provide general information only. This information is not an offer to sell insurance. Insurance coverage cannot be bound or changed via submission of any online form/application provided on this site or otherwise, e-mail, voice mail, or facsimile. No binder, insurance policy, change, addition, and/or deletion to Insurance coverage go into effect unless and until confirmed directly by a licensed agent. Any proposal of insurance we may present to you will be based upon the information you provide to us via this online form/application and/or in other communications with us. Please contact our office at 703-961-8886 to discuss specific coverage details and your insurance needs.All coverages are available in the state provided on the proposal. No other state will be covered unless shown. Information provided on this site does not constitute professional advice; if you have legal, tax or financial planning questions, you should contact an appropriate professional. Any hypertext links to other sites are provided as a convenience only; we have no control over those sites and do not endorse or guarantee any information provided by those sites.
  • About
  • Group Benefits
    • Group Medical
    • Group Dental
    • Group Vision
    • Short-Term Disability (STD)
    • Life Insurance / Accidental Death and Dismemberment (AD&D)
    • Long-Term Disability (LTD)
    • Long-Term Care (LTC)
    • Employee Assistance Program (EAP)
    • Travel Insurance
    • Pet Insurance
    • Section 125 Cafeteria Plan
    • Legal Services
    • Consolidated Omnibus Budget Reconciliation Act (COBRA)
    • Qualified Retirement Plan
  • Individual Insurance
    • Individual Health Insurance
    • Individual Dental Insurance
    • Individual Vision Insurance
    • Individual Life Insurance
      • Term Life Insurance
      • Universal Life Insurance
      • Whole Life Insurance
  • Commercial
    • General Liability
      • Pollution
      • Volunteer Coverage
    • Property
    • Professional Liability
    • Workers Compensation
    • Commercial Automobile
      • Garage Keepers
    • Commercial Umbrella
    • Crime
    • Management Liability
      • Directors & Officers Liability
      • Fiduciary Liability
      • Employment Practices Liability
      • ERISA Bond
    • Cyber Liability
    • Constrution Related Coverage
      • Inland Marine
      • Builders Risk
      • Bond
    • Travel Insurances
    • Sports / Travel Related Coverage
      • Amateur Sports / Health & Fitness
  • Auto . Home . Renters
    • Auto Insurance
    • Motorcycle Insurance
    • Homeowners’ Insurance
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    • Boat
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