Cyber risk is becoming so complex and has so many different meanings to world business that it is impossible to provide a one size fits all insurance product. This has lead to difficulty in quantifying loss and for a buyer to understand the cyber product and what is covered.
So we have developed, with Lloyd’s underwriters, a ‘pick you own’ cyber policy concept in which relevant modules are selected according to the buyer’s risk, and which are specifically targeted to cyber exposed business in most industry sectors.
- Network interruption and recovery: covers a company’s own losses from network interruption or security breach.
- Electronic theft and computer fraud: covers the loss of money or assets following a security breach.
- Professional Technology Services: covers actual or alleged breach of duty, error or omission in providing technology services.
- Non technology and miscellaneous services: covers actual or alleged breach of duty error or omission in providing non technology services that are subject to cyber risk.
- Network extortion: covers the cost of an extortion threat against the insured’s network.
- Reputational Damage: covers loss of business income from a loss of contract and reputational damage after network event.
- Social fraud: covers loss of money or assets as a result of phishing or an electronic scam.
- Privacy regulatory defence: covers legal defence costs for regulatory action brought following breach of privacy regulations.
- Event support expense: covers the costs of mitigating adverse publicity after a network event (includes personal credit monitoring)
- Security and Privacy liability: covers legal liability from failure to protect confidential information.
- Multimedia liability: covers liability from advertising and intellectual property risks.
Coverage Details and FeaturesStandard Coverage includes:
- Pre and post breach risk management services
- Crisis management and brand re-establishment costs
- Forensic costs
- Cyber terrorism
- Rogue employees
- Worldwide jurisdiction
- Voluntary notification
- Reputational harm
- Liability covers extend to providers and vendors
- Full Prior Acts
- Computer crime and fraud
- Programming and human error
Additional coverage includes:
- Vendors business interruption and data restoration
- Contingent Bodily injury/Property Damage
- Notification costs in addition to limit
- Fines and penalties payment to payment card companies
- General liability
Nathan RoseNew Business Executive
T: +44 (0) 207 481 1683
M: +44 (0) 747 199 8787
Alex CasseySenior Broker
T: +44 (0) 207481 1683
M: +44 (0) 772526 3219
Mathew MylesDivisional Director
T: +44 (0) 207 481 1683
M: +44 (0) 738 451 1852
Mauricio LoyolaManaging Director Latam
T: +56 (2) 333 99 771
M: +56 (9) 713 57 788