Cyber Insurance 

WHAT IS CYBER INSURANCE?

Cyber Insurance is a specific type of insurance designed to cover the expenses and liabilities your business may incur due to a network security or privacy incident. Aside from the financial indemnification for legal liability arising from a lawsuit, cyber insurance includes coverage for costs of lawyers (including regulatory guidance), information technology experts, public relations services, notification costs, and more. If any terms you come across on the website are unfamiliar, please cross-reference our cyber insurance glossary.

Our high-level industry appetite and coverage features are noted on the right.

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Applications for coverage can be found at the links below:

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FAQ:

WHAT IS “CYBER”?

Within the context of risk management the term “cyber” refers to network security and privacy risk. At a high level, network security risks refer to those risks that may arise as a result of a failure of an entity’s network security to mitigate any unauthorized access or use of the entity’s computer system. Privacy risks refer to those risks that may arise as a result of any failure of an entity to prevent the loss, theft or unauthorized release of personally identifiable information or non-public commercial information, whether in electronic or non-electronic form.

WHAT ARE THE MAIN RISKS?

Cyber exposures are constantly evolving as technology evolves and cyber criminals fine-tune their methods, however the key risks of Business Disruption and Financial Loss are consistent. If your business maintains a sizeable amount of sensitive information, there is the potential of privacy lawsuits, regulatory fines & penalties, and notification costs. Even if you do not carry sensitive information, business disruption in the form of ransomware extortion or malware impacting system performance along with financial loss via phishing and social engineering are becoming more and more frequent.

Find out more about common cyber exposures and cyber incident examples.

WHAT IS COVERED?

More than most think. The coverage is extremely broad and contains eight to ten (or more) insuring agreements, each of which covers a specific aspect of the exposure. Coverage is not limited to privacy issues on computers (and includes coverage for loss of hard copy documents) nor is it limited to malicious third party acts (and includes coverage for employee actions and human error).

Find our more about the many coverage details and benefits.

IS CYBER COVERED UNDER MY OTHER POLICIES (I.E. CGL)?

Cyber exposures are traditionally not covered under other common insurance policies such as commercial general liability or property policies. In addition, some policies (such as professional liability or directors & officers) are moving to explicit exclusions for cyber exposures. Cyber exposures are unique and complicated and best dealt with an insurance policy that properly addresses those exposures. Did you know that the majority of cyber coverage disputes we hear about in the news are about policyholders trying to recover for a cyber loss from a policy that was never designed to cover a cyber loss?

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Industry appetite

• Healthcare

• Law Firms

• Financial Institutions and Professions

• Manufacturing

• Construction

• Professional Services

• Hospitality

• Retail

• Non-Profit

• And more

Coverage Features

• Ransomware / Extortion

• Business Interruption

• Social Engineering

• Data Recovery

• Notification Expenses

• Public Relations Expenses

• Security & Privacy Liability

• Regulatory Defense & Penalties

Account Type

• Individual Businesses

• Programs / Groups

• Reciprocals

• Custom requests