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Cyber Liability

With recent data breaches hitting the headlines around the world, loss of personal and corporate data has far-reaching ramifications that could potentially change the way business is carried out. Most high-profile stories in the media today address the type of data loss that impacts people on a personal level; credit card numbers, medical records, birth dates, ID/passport numbers and other private personal information. We should also be mindful of the impact from the loss of corporate data and information such as intellectual property and proprietary information, which in the hands of a competitor or even an extortionist can severely disadvantage business.

FEATURES & BENEFITS

  • Event Management Insurance - coverage responds to security failure or private breach, paying costs of notifications (including voluntary notifications), public relations and other services to assist in managing and mitigating a cyber incident. Forensic investigations, legal consultations and identity monitoring for victims of a breach are all included.
  • Network Business Interruption Insurance - Responds to loss of income and operating expenses when a company's business operations are interrupted or suspended due to a network security failure.
  • Cyber Extortion Insurance - Responds to the Threat of intentional security attacks against a company by an outsider attempting to extort money, securities or other valuables. This also includes the cost of an investigation to determine the cause of the threat.
  • Expert Consultants - coverage includes access to expert consultants to deal specifically with digital forensic investigation, IT risk management and data recovery, reputational risk and specialist legal services.
  • Wide definition of Insured - including director or partner, in-house counsel, data protection officer, Chief Compliance Officer, employee, estates or legal representatives of any insured.
  • Wide definition of Data, Data Protection, Breach of Duty.
  • Outsourcing - breach of Data Protection by an Outsourcer where the Data User or Policyholder is legally liable.

Who is it for?

All commercial entities, including but not limited to the following:

Any other Commercial entity that holds personal information and data

Medical / Healthcare

Retail / Wholesale 

Manufacturing / Industrial 

Construction / Real Estate 

Telecommunications / Media / Technology / Internet Services 

Transportation / Airlines / Travel Sector / Logistics

Education (Schools, Colleges and Universities)

Entertainment

Professionals (Solicitors. Law Firms, Accountants, Insurance Brokers)

Telemarketing / Call Centre / Internet Services / Data Processing (Outsourcer)

Government and Municipalities

What is covered?

  • Data Liability - covering the damages and defence costs associated with a breach of personal or corporate data.
  • Data Security - damage resulting from any breach of duty that ends in:
    • Contamination by Malicious Code of Third Party Data.
    • Improper or wrongful denial of access by an authorized Third Party to Data.
    • The theft of an access code from premises, Computer System, or employees.
    • The destruction, modification, corruption, damage or deletion of Data stored on any Computer System due to a Breach of Data Security. 
    • The physical theft of hardware. 
    • Data disclosure due to a Breach of Data Security.
  • Data Administrative Investigation - provides costs and expenses for legal advice and representation in connection with a formal investigation by a Data Protection Authority or other regulator.
  • Data Administrative Fines - insurable fines and penalties obligated to pay to a government authority, regulator or data protection. authority for a breach of data protection laws or regulations.
  • Notification & Monitoring Costs - provides costs and expenses of the Data User for the legally required disclosure to Data Subjects. 
  • Repair of the Company’s and Individual’s Reputation - reimbursement of costs incurred in relation to Reputational Damage due to a claim covered by this policy.