What does Cyber Liability 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 accessed improperly. We know your clients are likely more concerned about data loss, the loss of customers, reputational harm, or legal defense costs. However, tracking down the cause of the computer systems breach is also an important (and costly) endeavor.
The costs to notify individuals, businesses, 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. This is often offered as a part of the notification.
Crisis Management Costs
This covers media liability costs, including the cost to hire a public relations firm. How your clients internally publicly respond to a breach is crucial. The first several hours plays a pivotal role in how they come out on the other side of the incident.
Crime and Social Engineering
This is coverage applies when a stolen username and password is used to direct funds out of your account. It’s also referred to as involuntary parting of funds coverage. Social Engineering is when a business is tricked into sending their funds out of their account. Often this “voluntary parting of funds” is perpetrated via a phishing campaign.