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.
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.
- Retail Law Firms
- Financial Institutions
- 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.