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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