Cyber Risk Insurance


The New "Must-Have" Insurance

When IT goes down, business screeches to a halt. Businesses from the local doctor’s office to the Fortune 1000 live and breathe on their Information Technology applications, databases and computer systems.

Current Trends

If current trends continue, cyber insurance coverage just may take its place alongside workers’ compensation, general liability, fire and auto insurance in the core commercial property and casualty package, meaning a business would be foolish to open its doors without it.

Indeed, for businesses such as online retailers, brokerages and some financial firms, the IT and data assets are the entire business—every bit as critical as the factory and warehouse are to the hard-goods manufacturer, or the vehicle fleet to a trucking company.

More and more companies are realizing that this reliance on IT creates a hornet’s nest of risks that can result in crippling losses. that conventional insurance coverages won’t respond to. These new issues call for a new category of coverage.

Comprehensive Cyber Risk Insurance Program

Cyber Liability - What is Covered under a Typical Policy?


Network damage to a third party’s system:
  • That prevents an authorized user from gaining access to the system
  • Resulting from the transmission of a virus from the insured’s system
  • Due to the unauthorized access or disclosure of information residing on the insured’s network or the network of a third party
Privacy injury and identity theft that result from a breach of network security:
  • Including the unauthorized disclosure of non-public private information, such as an individual’s name, address, telephone number, account relationships, Social Security number or credit card numbers
  • Resulting from the failure to comply with any applicable privacy laws, e.g., HIPAA, GLBA, COPPA, Canadian Personal Information Protection and Electronic Documents Act and the European Union Data Protection Act

Cyber Liability - Who should buy this Coverage?

  • Retail and wholesale establishments that accept credit card transactions – online and offline
  • Service occupations, such as printers, accountants, lawyers, etc.
  • Manufacturers
  • Financial services firms, including banks, insurance agents and mortgage brokers
  • Medical offices, pharmaceutical companies and other healthcare service providers
  • Any company that stores their employees’ non-public private information on a network