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Cyber Liability 



Most business owners take steps to secure their computer systems, but the reality is that no system is impregnable. With our inter-connected society, unauthorized access to sensitive data often arises from perils that cannot be fully addressed by technical security.


[VIDEO] Erin Herson, Agency Relations Manager, Answers Insurance Agents Top 4 Most Frequently Asked Questions (FAQ's) About Cyber Liability

Top 4 Most FAQ's:

1. What is Cyber Liability?
2. How much does Cyber Liability Coverage cost?
3. Does Cyber Liability Insurance only cover hacking?
4. How does Cyber Liability respond to social media?


Businesses cannot always prevent attacks resulting from:

- Employee Error
- Loss of Hardware or Paper Files
- Misuse of Access to Data by Employees
- "Zero Day" Attacks that exploit software vulnerabilities before a patch has been released.


Coverage Features

Data breach & privacy liability (3rd party coverage)
- Covers liability arising out of unauthorized access to confidential 3rd party data
- Broad definition of "unauthorized access" including theft or loss of paper records
- Provides defense and damages on insured’s behalf, including defense of privacy breach investigations by governmental authorities and includes the portion of privacy regulatory settlements or judgments used to fund the payment of patient or consumer claims

Data breach loss to insured (1st party coverage)
- Costs to restore insured’s own data
- Theft of money and securities through unauthorized access
- Extra expenses while recovering from the breach

Electronic media coverage
Covers web content which is alleged to include:
 - Libel, slander, other defamation
 - Accidental public posting of private information
 - Copyright, trademark infringement 

Supplementary payments in addition to the limit of liability for breach mitigation costs and reward reimbursement


Sample Classes

- Insurance Agencies / Brokers
- Car Dealerships
- Retailers - Both On-line and Physical
- Professional Service Firms
- Internet-Based Businesses
- Medical Facilities
- Blood Center
- On-line Contact Lens Supplier
- Medical Screening Service
- Clinics
- Rural Acute Care Hospital
- Laboratory
- Collection Agency
- Medical Billing
- Telemedicine Practice
- Electronic Medical Records
- Payroll Services


Additional Features

- Broad policy form for third party liabilities arising from an Unauthorized Access
- Supplementary Payments coverage available for public relations expense, voluntary credit monitoring, and compliance with notification laws
- Optional coverages for first party costs to recover from a breach and for electronic media liability
- Responds to liability for identity theft, invasion of privacy of HIPAA violation, failure to protect confidential data, transmission of spyware, viruses and other malicious code, use of network to harm a third party.
- Covers laptops, backup tapes, paper records and other storage media
- Includes coverage for unauthorized access by an employee
- Defense of proceedings by privacy regulators at full liability limit
- Worldwide coverage
- Optional electronic media
- Forensic / incident response services from Fishnet Security as part of our claim handling process.


Myths about Data Privacy - Your clients may not be as safe as they think!

Myth #1 - Data thieves only go after big, well known companies.
Myth #2 - We don't sell anything over the internet, so we have no exposure to data breaches.
Myth #3 - Our IT manager says our systems are "bulletproof", so there is no need to worry.
Myth #4 - There are no damages from data thefts so there is nothing for me to worry about.
Myth #5 - A data breach exposure is already covered in our current insurance program.

Contact our underwriters to learn how these myths are not true.