Cyber

Cyber

Cyber risk is becoming so complex and has so many different meanings to world business that it is impossible to provide a one size fits all insurance product. This has lead to difficulty in quantifying loss and for a buyer to understand the cyber product and what is covered.

So we have developed, with Lloyd’s underwriters, a ‘pick you own’ cyber policy concept in which relevant modules are selected according to the buyer’s risk, and which are specifically targeted to cyber exposed business in most industry sectors.

Cyber Modules

• Network interruption and recovery: covers a company’s own losses from network interruption or security breach.
• Electronic theft and computer fraud: covers the loss of money or assets following a security breach.
• Professional Technology Services: covers actual or alleged breach of duty, error or omission in providing technology services.
• Non technology and miscellaneous services: covers actual or alleged breach of duty error or omission in providing non technology services that are subject to cyber risk.
• Network extortion: covers the cost of an extortion threat against the insured’s network.
• Reputational Damage: covers loss of business income from a loss of contract and reputational damage after network event.
• Social fraud: covers loss of money or assets as a result of phishing or an electronic scam.
• Privacy regulatory defence: covers legal defence costs for regulatory action brought following breach of privacy regulations.
• Event support expense: covers the costs of mitigating adverse publicity after a network event (includes personal credit monitoring)
• Security and Privacy liability: covers legal liability from failure to protect confidential information.
• Multimedia liability: covers liability from advertising and intellectual property risks.

Coverage Details and Features

• Pre and post breach risk management services
• Crisis management and brand re-establishment costs
• Forensic costs
• Cyber terrorism
• Rogue employees
• Worldwide jurisdiction
• Voluntary notification
• Reputational harm
• Liability covers extend to providers and vendors
• Full Prior Acts
• Computer crime and fraud
• Programming and human error

Additional coverage includes:

• Vendors business interruption and data restoration
• Contingent Bodily injury/Property Damage
• Notification costs in addition to limit
• Fines and penalties payment to payment card companies
• General liability