Inside A Cyber Policy

The loss from a cyber event can be far-reaching – from the first-party expenses you will face after a data breach to potential third-party costs resulting from lawsuits filed by clients, vendors, and others. Cyber insurance can be tailored to provide several different coverage features, depending on your industry and individual business exposures. Some of these coverages include:

• Legal and forensic services to assess whether and how a breach occurred and to assist with regulatory compliance.
• Notification of affected customers, patients (depending on industry), and employees.
• Customer credit and fraud monitoring services.
• Crisis management and public relations to advise customers about the breach and mitigate damage to the company’s reputation.
• Business interruption expenses as result of the breach, such as costs for additional staff, rented or leased equipment, or use of third-party services.
• Cyber extortion reimbursement for credible threats to introduce malicious code, to phish customer systems, or to corrupt the computer system.
• Ransomware including the money to pay ransom demands and the cost of hiring experts to negotiate with hackers.
• Judgments, civil awards, or settlements you’re legally obligated to pay after a data breach.
• Electronic media liability, including infringement of copyright, domain name, trade name, service mark, or slogan on an intranet or Internet site.
• Potential coverage for employee privacy liability as well as network security and privacy liability.