Media Liability, commonly referred to as Publishers Liability, is a key element of a Cyber Liability policy. Before electronic media, newspapers and magazines secured this coverage for insurance protection against print material that slandered or libeled a person or an organization’s goods, products or services, or violated a person’s right to privacy. It included protection for copyright infringement too. Now, with the proliferation of electronic publishing, Media Liability has become a critical part of a Cyber Security Insurance policy and is more important than ever.
McMichael Insurance offers Cyber Liability for a wide range of businesses and individuals including technology firms, lawyers, financial institutions, contractors, manufacturers, distributors, service businesses, retailers, offices and nearly every other type of business.
How easy is it to apply for Cyber Liability Insurance? We partner with over 30 Cyber Liability insurers, including all the top insurance companies to provide the easiest process in the insurance marketplace to buy Cyber Liability Insurance.
Here are some of the coverages available when dealing with Cyber Liability Insurance:
Breach Response Services
Incident Response Services and Notification Services are provided under the Breach Response Services coverage. This includes forensic professional fees and expenses to determine the cause and extent of the Security Breach or Privacy Breach. It also includes legal fees and expenses to determine your obligation under the law to notify regulatory agencies or affected individuals of a privacy breach or security breach. It also includes fees and costs to employ a public relations consultant.
Business Income Loss
Provides coverage for loss of business income resulting from a network disruption due to a covered loss under a Cyber Risk policy.
Claims Preparation Costs
The insurer provides reimbursement, up to a fixed percentage, for the reasonable and necessary costs incurred in the preparation, presentation, certification or proof of loss in respect to a business income loss or reputational harm.
Pays for funds and securities loss that is transferred electronically due to dishonest manipulation or misuse of your computer systems by a malicious third party that is not authorized to access such computer systems by you. This includes fraudulent electronic or telephonic instructions to transfer funds or securities of others which are under your care or for which you have a fiduciary or custodial duty.
Computer and Funds Transfer Fraud
Provides coverage for loss resulting directly from a fraudulent entry of electronic data or computer system into or change of electronic computer systems causing money, securities or other property to be transferred, paid or delivered, or your account at a financial institution to be debited or deleted; or loss resulting directly from a fraudulent instruction directing your financial institution to debit your transfer account and transfer, pay or deliver money or securities from that account.
Provides coverage for Cyber Extortion expenses and Cyber Extortion payments resulting from Cyber Extortion or Ransomware threat.
Digital Asset Restoration
Provides for reimbursement of restoration costs you incur because of the alteration, destruction, damage or loss of digital assets due to a covered loss. This includes loss caused by unauthorized access or unauthorized use of your computer system or digital assets, and the inability to access, loss of or damage to your digital assets. Digital assets include any electronic data, including personally identifiable, non-public information, or computer software over which you have direct control or for which you have contractually assigned by your organization.
Incident Response Services
This coverage provides payment for reasonable fees, costs, charges or expenses in response to an actual or reasonably suspected security breach or privacy breach with respect to private information. This includes computer forensic professional fees, and expenses to determine the cause and extent of such privacy breach or security breach. In addition, it includes legal fees and expenses to determine your obligation under privacy regulations to notify the applicable regulatory or affected individuals.
Provides coverage for your direct net financial loss from your inability to collect payment from your client or customer for goods, products or services because a fraudulent invoice directing payment to a third party instead of you was created or issued solely and directly as a result of unauthorized access or unauthorized use of your computer systems by a malicious third party.
Provides coverage for the printing costs, publishing costs, postage expenses, call center costs or costs of notifications via phone or email to provide notifications to affected individuals. This also includes identity protection services for those affected individuals.
PCI Recertification Expenses
Pays for the reasonable and necessary costs and expenses incurred for any PCI Data Security Standards Assessment in response to a directive that you certify your compliance with PCI Data Security Standards.
PCI DSS Assessments
Provides coverage for direct monetary fines, penalties, reimbursements, fraud recoveries or assessments owned by you under the terms of a merchant services agreement.
Privacy and Security Liability and Regulatory Claims
This includes costs associated with your legal responsibility as relates to the breach of privacy or government-initiated investigation or action against you related to a privacy breach or security breach.
Provides for loss or damage due to financial harm your organization sustains to its reputation as a direct result of a newsworthy event or notification services being provided to you due to a privacy breach or security breach. Coverage provides contract penalties, costs, or expenses to update, upgrade, replace, restore or otherwise improve any computer systems to a level beyond that which existed prior to the security breach, plus the cost to identify, remove or remediate computer program errors or vulnerabilities, or costs to update, upgrade, replace, restore, maintain or otherwise improve any computer system. We also pay for legal costs or expenses resulting from any third party, and any loss incurred resulting from unfavorable business conditions, or consequential loss or damage.
This covers intentional misleading of an insured to transfer money to a person, place or account beyond the insured’s control resulting directly from the insured’s employee’s good faith reliance upon instruction transmitted via email, purporting to be from a person or entity whom the insured exchanges, or is under contract to exchange, goods or services with the insured for a fee; or an employee of the insured but which contained fraudulent and material misrepresentation and was sent by an imposter.
This provides for additional increased costs for electricity, internet or telecommunication services you incur beyond your normal expenses as a direct result of unauthorized access or unauthorized use.
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