Cyber insurance coverage is offered under two broad categories:
First party coverage
» To protect internal costs incurred by the Insured following the cyber attack.
Third party coverage
» To protect the Insured from consequences caused by the breach in their cyber security that affect Insured’s customers, business associates and other entities.
What is covered
First Party Coverage
» Privacy Breach Costs: Coverage for expenses incurred in responding to a data breach such as notification, credit monitoring, forensic, public relations and other crisis management expenses.
» Digital Assets Losses: Reimburse for any digital asset replacement expenses the Insured incurs due to the corruption or destruction of digital assets.
» Business Interruption: Pay for the business income loss/extra expenses sustained by the Insured during the period of restoration of services as a result of the security event.
» Cyber Extortion: Reimburse the Insured for any expenses incurred or extortion payments actually paid to prevent or end an extortion threat.
Third Party Coverage
» Security & Privacy Liability: Legal liability to others (defense costs and indemnity) for transmission of a virus, data privacy breaches and breach of data protection statutes including expenses incurred by the insured in responding to any regulatory proceedings.
» Digital Media Liability: Legal liability for media content such as Insured’s website content (invasion of privacy, copyright/trademark, defamation, libel and slander, misleading advertisements etc.)
» Contractual liability: Optional extension to cover contractual liabilities assumed by the Insured.
Press release regarding financial results for the 2nd QTR of 2021