Cyber Liability

Cyber liability insurance has become a major product over the last several years.  As claims have increased in frequency and size the cyber insurance market place has changed drastically.   It is a maturing market place as these insurance products now becoming widely purchased.

A Cyber Liability Policy Comes with two major parts. First Party Coverage and Third Party Coverage.

First Party Coverage pays the insured for direct losses as were Third Party Coverage pays a third party who suffered a loss due to a security breach on the insured's system. 

First Party Coverage typically incudes:

-Business Interruption: Income loss due to a network outage.

-Data Retrieval and System Restoration: Expenses incurred due to retrieval of lost data.

-Social Engineering & Cyber Crime Coverage: Losses due to phishing attacks, financial fraud, digital impersonation and the like.

-Cyber Extortion Coverage: Your expenses as a result of a cyber extortion event.

Third Party Coverage typically includes:

-Network Security Claim: A claim filed against YOU for a breach of your network.  Common causes are denial of services attacks, malicious code or a stolen laptop.

-Media Liability Claims: Claims field against you for the release of copyright material, libel slander and defamation.

-PCI DSS Assessment Expenses: Costs, fines and assessments you are legally responsible for as a result of non-compliance with Payment Processing industry standards. 

-Breach Management Expenses: Breach response costs for a security or privacy breach which you are obligated to pay a third party claimant. 

*This is typical coverage, however most policies are tailored to the policyholder and not all may be included, however many time they are along with additional enhancements.