You can limit the financial, legal and reputational damage from cyber-crime with cyber security insurance coverage. This insurance addresses two basic risks including the liability risk to your business if sensitive client or employee information is compromised and the risk (and substantial cost) of notifying clients that their private information has been compromised.
Key Cyber Liability Insurance Coverage Includes:
- Business interruption & dependent business interruption
- Cyber extortion
- Electronic cyber terrorism
- Media content
- Privacy breach
- Vicarious liability
- Worldwide
- Full limits apply to Payment Card Industry Data Security Standard (PCI-DSS) assessment
- Coverage granted for your dependent/contingent business income resulting from IT service provider event
- Reputation business income loss
- Network disruption (system failure) added as a trigger your business interruption coverage (eliminating requirement for security breach)
No Exclusions For:
- Social and non-electronic media
- Violations of any rights to privacy
- Unsolicited communication – subject to a $100,000 sub limit
- Unencrypted portable media1
Additional Features of Cyber Liability Insurance Coverage:
- Voluntary notification costs, even if you have no legal obligation to notify (subject to carrier approval)
- $100,000 cyber fraud (social engineering) sub limit available if you meet the minimum underwriting criteria (two coverage-related questions)
- Single retention applies for each event regardless of the number of coverages triggered
- Telecommunications fraud coverage
- Funds transfer fraud
- Affirmative coverage specifically for General Data Protection Regulation (GDPR) fines/penalties
- Aggregate retention in a policy period
- Services fraud loss
- Coverage for damage to computer hardware (bricking)
- Coverage included for betterment of your computer systems affected by a security compromise
- Definition of computer system includes internet of things (IoT) devices
Benefits of Cyber Liability Insurance Coverage:
- Competitive pricing and superior coverage
- 24-hour data breach hotline for you to report cybercrime incidents
- Carrier partner portal and CBIZ Insurance Services’ operations experience enables quick turnaround on quoting and issuance
- E-Risk hub risk management tools for help you with recovery
- PCI assessment to determine credit card acceptance vulnerabilities
- Our own cyber risk and insurance experts with experience writing cyber coverage
- Independent consultant - Helps determine your amount of business income loss ($25,000 sub limit)
- HIPAA corrective action plan costs ($50,000 sub limit)
Due to the increase in ransomware attacks, if Remote Desktop Protocol (RDP) or any other type of remote access to desktops or servers or applications) is enabled use of Multi-factor authentication (MFA) is required)
Don’t wait! Request a quote today for affordable protection from loss or theft of your private customer information.
1 This does not apply for the following classes of business: health care, legal-consumer and financial institutions
Frequently Asked Questions (FAQs)