Cyber Liability -Not if But When

As companies become more dependent on technology, the chance of a breach of sensitive or proprietary information is ever-increasing. Email, confidential corporate information, personally identifiable information, transaction / financial information, or sensitive health information can each pose a significant exposure to a business. While it is critical that businesses take technological and procedural steps to mitigate the possibility of a breach, it is impossible to entirely secure an organization. Employee errors and software vulnerabilities always leave a window open for an attack or accidental release of data. It is imperative that businesses partner with a Cyber Liability insurance carrier that will not only help protect their balance sheet in the event of a breach, but also connect them with best-in-class breach response specialists to guide them through the process of dealing with a breach. Worldwide Facilities can place your Cyber Liability policy by utilizing our consultative approach, broad market access and extensive product knowledge.

Coverages:

First Party Expenses

Covers unavoidable expenses associated with data breaches, including:

• Computer forensics to identify the size and scope of a breach
• Legal Consultation - Facilitate legally required obligations, including notifying applicable regulators
• Notification Expenses - required by law in 46 states
• Credit / Identity monitoring and remediation services
• Business Interruption / Data Restoration Expenses
• Cyber-Extortion Payments, including the costs to deal with ransomware attacks
• Social Engineering / Funds Transfer Losses-reimbursement of funds / money lost through the use of confidence tactics
• Dependent Business Interruption - triggers coverage for loss of income in the event third party outsourcers or cloud providers have an outage
• Approved vendors for IT Forensic Analysis, Legal Advice, Crisis Management, and Victim Notification Providers

Network Security and Privacy Liability

Pays liabilities arising out of demands or lawsuits as a result of a breach of your networks or of private data. Can cover defense expenses, settlement amounts, regulatory claim defense expenses and privacy regulation-related fines and penalties.

Online Media Liability

Can cover defense expenses and settlement amounts arising out of demands and litigation alleging copyright, trademark, or domain name infringement; plagiarism, piracy, or misappropriation of ideas and defamation, libel, slander, product disparagement, and invasion of privacy.

Target Classes

• Healthcare
• Education
• Hospitality
• Retail Law Firms
• Financial Institutions
• Accountants
• Landlords/Property Managers
• Staffing agency
• Software Service Providers
• Any business that stores the personal health care information of their employees, customers or business partners.
• Any business that stores Personally Identifiable Information (PII) or accepts credit cards.