Cyber/Data Breach insurance provides coverage to protect against data breaches and other fast evolving cyber exposures not covered by standard property and liability coverages.

Whether a firm’s data is compromised by a hacker, virus, cyber thief, or simply because of lost or stolen computers, laptops, flash drives, paper files or smart phones, data breaches can have serious ramifications.

There are substantial financial costs involved in finding and remedying a breach, including the cost of notifying customers, possible fines and legal expenses.  Your company can also suffer immense damage to its reputation or from the interruption of its business.

A Cyber/Data breach policy provides coverage as follows:

• Security  breach remediation and notification expense:
  • Your insurer will direct you to a breach response firm that will:
    • Assist in finding and fixing the breach
    • Determine the number of potentially affected individuals
    • Create and mail notification to these individuals
    • Provide credit monitoring services and create a call center for those affected
• Network and Information security liability:
  • Affected third parties may bring a claim
  • Your policy will defend claims stemming from the breach
• Regulatory defense expenses:
  • A significant breach can often lead to a complaint by state or federal regulators
  • Your policy will reimburse expenses incurred in responding to a regulatory claim
• Crisis management event expenses:
  • You will need to mitigate the potential damage a breach can do to your public perception as a company
  • Your policy will reimburse expenses for public relations services
• Computer program and electronic data restoration expenses:
  • If your computer system is damaged by a virus or other means in an intrusion, the policy reimburses for the cost of repair to get up and running again.