Recovering from a breach can be expensive and time consuming. Determining the cause and extent of the breach, complying with notice laws, correcting damage, minimizing losses, and addressing potential lawsuits can drain a business.
Insuring Agreements
- Network and information security liability:
- Addresses liability resulting from unauthorized access to the named insured’s system and the unintentional compromise of private data
- Covers defense and damages including regulatory judgements or settlements
- Broad network security trigger addresses hacking, rogue employees, and access by fraud or deception
- Addresses PII, PHI, corporate information, and the named insured’s privacy policy
- Media injury liability
- Full media coverage for content of printed or digital material
- Responds to libel, slander, and other forms of disparagement as well as copyright and trademark infringement
- Network security loss
- Costs of forensics and system restoration
- Theft of money and securities through unauthorized access
- Extra expense and loss of business income while recovering from the breach
- Payment of extortion demands
- Breach mitigation expense
- Covers expenses related to notification, credit monitoring, call centers, identity restoration, public relations, etc.
- Supports both voluntary and legally mandated action
- Extends to private data entrusted to a third party and to the named insured’s contractual obligations to business partners
- Services of a breach coach also included, without triggering deductible
- PCI assessments
- Covers amounts assessed related to fraudulent charges and replacement credit/debit cards
- Fines and penalties for actual or alleged violation of PCI data security standard
- Social engineering loss
- Covers loss of money and tangible property resulting from a social engineering incident
- Addresses theft or misdirection of funds held in escrow or trust
- Coverage also extends to personal funds of named insured’s executives
Additional policyholder value
- Supplementary payments for reward reimbursement and fraudulent use of telephone system
Limit available: up to $10M