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Are your clients vulnerable to a breach?
Cyber Insurance is a very complex, high-risk type of coverage. The legal and technological aspects of privacy and data breach are constantly evolving. Without this coverage, your clients may be forced to pay for the damage out of pocket—which could be millions!
Many business owners aren’t familiar with the risks associated with cyber threats, or what damages this type of insurance covers. Cyber Insurance has drastically evolved to provide comprehensive protection, and these insurance coverages can protect your clients from the devastating consequences of cyber crime.
What Companies Can ProWriters Cover?
We offer Privacy and Cyber Insurance coverage for companies of all sizes.
For large, billion-dollar companies and up, we can obtain custom Cyber Insurance terms. These companies benefit from our long-standing partnerships with the top 50+ cyber markets, and can also take advantage of our customized coverage to address their specific needs.
For small businesses to middle-market companies, we offer broad liability coverage from multiple top markets. This keeps your clients’ cyber security insurance costs low, as they only pay for the coverages they need relative to their risk.
First-Party Cyber Coverage for Costs Associated with a Breach
What does Cyber Insurance cover? These policies cover a wide range of first-party exposures for business owners:
- IT Forensic Costs
The costs to determine what information may have been breached, or how unauthorized access to sensitive data occurred. This is an important (and often costly) endeavor.
- Notification Costs
The costs to notify individuals, businesses, and regulators, and to run a call center related to the notification.
- Credit Protection Costs
These are the costs to provide credit monitoring services to the affected parties, who may suffer a loss to their credit scores.
- Crisis Management Costs
This covers media liability costs, including the cost to hire a public relations firm. How your clients publicly respond to a breach within the first several hours is crucial.
- Crime and Social Engineering
This coverage applies when a stolen username and password are used to direct funds out of your account (involuntary parting of funds coverage). This “voluntary parting of funds” is often perpetrated via a phishing campaign.
Third-Party Cyber Liability Related to a Breach
This covers costs related to a breach of Personally Identifiable Information (PII), including:
- Credit card numbers
- Social security numbers
- Bank account information
- Personal health information
- Sensitive corporate information
When you have a Cyber Insurance policy, your third party insurance will cover costs related to:
- Breach of contract
- Negligent protection of data
- Network security breaches
- Transmission of software viruses
- Denial of service attacks
- Defense of regulatory actions related to a breach, as well as possible fines and penalties
- PCI fines, and penalties and assessments
Additional Elements a Privacy and Cyber Insurance Policy Can Include
- Multi-Media Coverage
This may cover:
- Online advertising
- Intellectual property
- Copyright and trademark infringement
- Libel or defamation claims
- Cyber Extortion
With ransomware, hackers may destroy, damage, or otherwise incapacitate your network or data if you don’t meet their ransom demands. Coverage is available to include ransom payments during extortion.
- Cyber Business Interruption
Cyber Business Interruption coverage is available for companies that rely heavily on the internet or their network for their revenue. If you or your client has this exposure, you need to specifically address it with your cyber policy, as General Liability policies typically do not cover this.
This may also include dependent business interruption (when a third party that you rely on goes down). It may also extend to system failure. This is when a power outage causes your digital computer systems to go offline.
- Digital Asset Damage
This covers the cost to rebuild your client’s:
- Electronically-held data
IT is a large investment for most companies—minimal network damage at the wrong time can cripple a business.
Other Business-Saving Services
As a leading cyber insurance company, ProWriters™ offers flexible Cyber Insurance coverage designed to cover privacy, data, and network exposures.
In addition to these protections, ProWriters and our carriers give your clients access to excellent risk management and loss prevention services. These services may help your client avoid a breach altogether.
If your client does suffer a breach, they’ll be thankful for the access ProWriters offers to exceptional post-breach services. This includes access to a breach coach, who can assist your client right when a breach occurs, along with access to the best vendors in this space at pre-negotiated rates.