As a leading Cyber Insurance company, ProWriters offers flexible Cyber Insurance coverage designed to cover privacy, data, and network exposures.
Cyber is a complex, high-risk liability. The legal and technological aspects of privacy and data breaches are constantly evolving. Furthermore, breaches in cyber security can cost millions. The stakes are so high even state governments have now purchased Cyber Insurance plans.
What Does a Cyber Insurance Policy Cover?
Cyber Insurance has developed throughout the years to ensure comprehensive coverage for your clients. However, we understand that many of your clients aren’t as familiar with cyber risk as they should be. They are likely wondering, “Do I need Cyber Insurance?” and “How does Cyber Insurance work?”
Your clients need a Cyber Insurance policy for several reasons. Whether they’re collecting customer data, accepting credit card payments, or storing internal data, they’re at risk. And if your clients accept payments from customers, they must be Payment Card Industry Data Security Standards (PCI DSS) compliant, which can be complicated. Any business using technology is exposed, and needs coverage and access to the panel of expert vendors that only come with a policy.
We offer Cyber Insurance coverage for companies of all sizes, from small businesses to large corporations.
First-Party Cyber Insurance Coverage for Costs Associated with a Breach
These policies cover a wide range of first-party exposures for business owners:
IT Forensic Costs
Tracking down the cause or sources of the breach, as well as determining what information may have been breached or accessed improperly, is an important (and costly) endeavor.
The costs to run a call center to notify individuals, businesses, and regulators of the data breach can add up quickly.
Credit Protection Costs
These are the costs to provide credit monitoring services to the affected parties. These services may be part of the notification.
Crisis Management Costs
This covers media liability costs, including the cost to hire a public relations firm to publicly respond to a breach of customer data as the first several response hours play a pivotal role in mitigating the damages.
Crime and Social Engineering
Social Engineering, or involuntary parting of funds, is when a cyber criminal tricks a business into sending funds. Often this “voluntary parting of funds” is perpetrated via a phishing campaign.
Third-Party Liability Related to a Breach
This covers cyber liability costs related to a breach of Personally Identifiable Information (PII), including:
- Credit card data
- Social security numbers
- Bank account information
- Personal health information
- Sensitive corporate information
When you have a Cyber Insurance policy, your third-party liability 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 Cyber Insurance Policy Can Include
This can cover:
- Online advertising
- Intellectual property
- Copyright and trademark infringement
- Libel or defamation claims
Multi-media coverage is typically a valuable addition to any privacy and Cyber Insurance policy.
Ransomware attacks may destroy, damage, or otherwise incapacitate your network or data if you don’t meet their ransom demands. Coverage is available to compensate for ransom payments during extortion.
Cyber Business Interruption
Coverage is available for companies that rely heavily on the internet or their network for their revenue, including dependent business interruption, such as when a third party that you rely on goes down or a power outage causes your digital computer systems to go offline.
Network or Digital Asset Damage
This covers the cost to rebuild your client’s:
- Electronically-held data
IT is a significant investment for most companies. Even minimal network damage at the wrong time could cripple a business.
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