Cyber Liability Insurance

Provides coverage for loss of business income resulting from a network disruption due to a covered loss under a Cyber Risk policy.

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.

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.

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.

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.

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.

Provides coverage for direct monetary fines, penalties, reimbursements, fraud recoveries or assessments owned by you under the terms of a merchant services agreement.

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.