Cyber Liability

Reasons to Have Cyber Liability

  • Coverage for damages to third parties caused by a breach of network security
  • Coverage for loss resulting from administrative or operational mistakes – acts of the employee, business process outsourcing (BPO) or outsourced IT provider
  • Breach of Privacy Coverage – damages resulting from alleged violations of HIPAA, state and federal privacy protection laws and regulations
  • Coverage for expenses resulting from a breach of consumer protection laws such as the Fair Credit Reporting Act (FCRA), the California Consumer Credit Reporting Agencies Act (CCCRAA) and the European Union (EU) Data Protection Act
  • Customer Notification Expenses Coverage – Federal law requires a business to notify and provide 12 months of credit monitoring
  • Coverage for acts of a rogue employee causing intentional damage to the Insured’s computer network
  • Public Relations Expenses coverage available to repair insured’s reputation as a result of a data breach
  • Customer Notification Expenses include legal expenses, credit monitoring expenses, postage and advertising costs
  • Privacy Breach – acts of the Insured and acts of a service provider acting on behalf of the Insured
  • Cyber Extortion – range of perils including a credible threat to introduce malicious code, pharm and phish customer systems or to corrupt, damage or destroy the Insured’s computer system
  • Interruption expenses – costs associated with rented/leased equipment, use of third party services, additional staff expenses or labor costs directly resulting from a covered Loss of Digital Assets claim
  • Personally identifiable information (PII) – broadly defined to include an individual’s name in combination with social security number, driver’s license number, account number, credit or debit card or any non-personal information as defined in any privacy regulation

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