Who’s it for?
Any and all qualified businesses at risk of a cyberattack to their computer networks and systems from an unauthorized entity.
Why would you use it?
Here are some scenarios that could be relevant to your business:
Computer Attack: An employee of an investment company installed peer-to-peer file sharing software on a company computer. Identity thieves manipulated the software to access the records of clients. After consultation with an attorney, the insured learned that he was obligated to notify the clients of the breach.
Network Security Liability A business experienced a cyber-attack that involved compromise of its servers. After hacking into the system, criminals used the contacts from the business system to launch a ransomware attack against every email address in the insured system’s contacts. Several of the contacts filed lawsuits claiming that they failed to properly secure the insured’s system. Coverage was provided for the costs of hiring lawyers and to settle cases.
Data Compromise Response Expenses: A burglar broke into an accountant’s office and stole a computer with the tax records of clients. The insured’s clients were in four states and he needed assistance meeting the various state law notification requirements. Clients were urged to contact their banks and place alerts on their credit files.
Also: Cyber Extortion, Data Compromise Liability, Electronic Media Liability, Identity Recovery, Misdirected Payment Fraud, Computer Fraud.
How do you get it?
Since a good cyber defense is important in minimizing business fallout, we automatically include Cyber Suite coverage in all qualified policy quotes. Coverage is available from $25,000 to $1 million. Limits vary by state.