Cyber Liability Insurance

• Do you use technology?


• Are you connected to the internet?


• Accept credit card payments?


• Send and receive emails?


• Do you collect any personal, non-public information such as dates of birth, social security numbers, driver’s license numbers, medical information, banking information, or other private information?


• If you have answered yes to any of these questions you have an exposure to Cybercrime and a need for Cyber Insurance products.
  
  The size and scope of cybercrime and the expense related to this growing problem is enough to destroy large companies. Please contact us so we can evaluate your needs with you and discuss what protection might be available.

Contact us at 607-843-8860 or insurance@drickardinsurance.com.

Cyber Liability Insurance in a nutshell:

Our insurer's Cyber Security Liability program provides both First and Third Party coverage for numerous classes of business. Through eight Insuring Agreements, a wide range of cyber liability exposures are addressed. Coverage is available nationwide on either an admitted or non-admitted basis.

• Includes coverage for legal fees and computer forensic costs in the event of a security or privacy breach
• Regulatory fines and penalties included under Security Event Costs and PCI assessment coverage available by endorsement
• Customer Notification Expenses include legal expenses, credit monitoring, postage and advertising
• Comprehensive interruption expenses coverage, including income loss
• Coverage for Damages to third parties caused by a breach of network security
• Definition of claim includes a demand for monetary and non-monetary damages

First Party Protection

• Loss of Digital Assets Coverage
• Non-Physical Business Interruption and Extra Expense
• Cyber Extortion
• Cyber Terrorism
• Security Event Costs

Third Party Protection

• Network Security and Privacy Liability
• Employee Privacy Liability
• Electronic Media Liability

First Party Coverages:

• Loss of Digital Assets
• Loss resulting from damage to or corruption of the insured’s electronic data and computer programs.
• Non-Physical Business Interruption and Extra Expense
• Income reimbursement during the period of restoration of the insured’s computer system.
• Security Event Costs
• Customer notification, regulatory fines and penalties, and public relations expenses.
• Cyber Extortion Threat
• Reimbursement for extortion expenses resulting directly from a credible threat to the insured’s computer system.
• Cyber Terrorism
• Reimbursement for income loss, interruption, and special expenses directly as a result of an interruption or failure of the insured’s computer system caused by an act of terrorism.

Third Party Coverages:

• Network Security/Privacy Liability
• Legal Liability for a security breach or privacy breach resulting from alleged violations of HIPAA and other privacy protection laws/regulations (state, federal or foreign).
• Employee Privacy Liability
• Legal liability for a security breach or privacy breach of employees’ PII or PHI.
• Electronic Media Liability
• Claims arising from the following on the insured’s internet or intranet site
• Defamation, libel or slander
• Invasion of an individual’s right of privacy
• Plagiarism or misappropriation of ideas under an implied contract
• Infringement of any copyright, trademark, title, service mark
• Domain name infringement

Why buy Cyber Liability?

It is estimated that the average cost of a data breach is $204 per lost record,* with more than half of such costs arising from lost customers and the public relations nightmare.

*What is a lost record?

A record in this case is every individual effected by the data breach. So, suppose you have information about a family, Husband, Wife, and two children. That can be four records. Your company has Five employees, that is five records. Every Credit Card you have on file, that is hundreds of records. You can see that every data breach has the potential to bankrupt small or large companies.

Why buy the Cyber Liability Insurance we offer?

1. First and Third Party protection in a comprehensive coverage form
2. First Party coverage includes Loss of Digital Assets, Non-Physical Business Interruption and Extra Expense, Cyber Extortion, Cyber Terrorism, and Security Event Costs
3. Third Party coverage includes Network Security and Privacy Liability, Employee Privacy Liability, and Electronic Media Liability
4. Covered Cause of Loss includes administrative or operational mistakes
5. Breach of Privacy coverage – includes damages resulting from alleged violations of HIPAA, state, federal, and foreign privacy protection rules
6. Customer Breach Notice Expense and coverage (via sub-limit)
7. Public Relations Expense coverage
8. Most favorable wording for punitive or exemplary damages
9. Electronic media peril broadly defined to include infringement of domain name, copyright, trade name, slogan, service mark on the internet or intranet site
10. Comprehensive Interruption Expenses coverage

Incomplete List of Cyber Threats:

• Unauthorized Access
• Theft of Digital Assets
• Privacy Breach
• Theft of Digital Assets
• Human Error
• Cyber Extortion Threat
• Malicious Code
• Denial of Service
• Data Ransom