A smartly devised cyber liability insurance policy often has a combination of liability and non-liability covers, since a business that stores sensitive customer information can face many direct and indirect kinds of damages claims.
When we work with our network of insurance carriers for a customer's cyber liability policy, we make sure we deliver the right combination of covers that protects our customer comprehensively and does not cost high in the premiums.
The key liability-based covers our privacy insurance policy provides includes:
- Data security and privacy coverage for all sensitive customer information you store on your computers
- Defense costs during regulatory proceedings in cases where you are asked to defend allegations of regulatory breach
- Civil penalty costs and fines related to the general body of regulations universally recognized
- Media related liability coverage for defamation or invasion of privacy claims
Non-liability related covers that our cyber liability insurance can provide include - but are not limited to - the following:
- Costs incurred in defending a breach of privacy claim, including:
- Forensic investigation costs
- PR and legal costs
- Identity and credit monitoring related expenses
- Identity theft insurance and possible restoration related expenses
- Income loss and extra expenditures incurred during - or due to - a security or breach event, such as a cyber attack
- Payments made due to cyber extortion threats and as rewards linked to such a situation
- Expenses incurred in replacement of your digital assets infected during a cyber attack
- Costs incurred due to system or network failure, causing disruption in business
- Payments related to incidents of damages to first- or third-party reputation
- Cover for avoiding other non-liability related claims