Coverage

The basis of any cyber risk insurance program is the cover for third-party liabilities - legal or regulatory actions, and first-party costs associated with the response to the data breach. First-party coverage can help cover expenses when your network is hacked and data breached. Third-party coverage offers protection when a customer or a third-party files a lawsuit for al-lowing a data breach on your network.

First Party Coverage Data breach/Privacy crises Expenses related to the management of an incident: Legal and forensic services to determine whether a breach occurred and assist with regulatory compliance if a breach is verified. Legal costs, court attendance and regulatory fines. Data loss recovery and costs involved in managing a crisis. Business interruption or loss of revenue resulting due to a cyber-attack Crisis management and public relations Cyber extortion — Ransom payment including cost of professional negotiator.

Third Party Coverage Network security liability. Third-party damages as a result of denial of access, costs related to data on third-party suppliers and costs related to the theft of data on third-party systems. Multimedia/Media liability cover. Third-party damages covered can include specific deface-ment of website and intellectual property rights infringement. Legal costs, court attendance and regulatory fines.



More Information

WannaCry Ransom ware you need to know — Click Here

Equifax cyber breach in July 2017 — Click Here