Look for these Cyber Insurance Coverages
A Good Cyber Insurance Policy has 1st & 3rd Party Coverage
First-party coverages covers you (insured) for these costs:
- IT Forensics
Determining exactly how a computer system was breached and what data was accessed, viewed, or copied. - Notification
Informing clients, vendors, partner companies, and regulators about a cyber-attack. - Credit Monitoring and Protection Services
Credit monitoring for clients whose Personally Identifiable Information (PII) which includes (birthdates, credit card numbers, etc.) has been compromised in data breaches. - Crisis Management
Public response to data breaches and other incidents helps determine how quickly and fully they recover. - Crime and Social Engineering
Cyber criminals often use stolen credentials to transfer funds from an account or trick people via phishing emails or other social engineering methods into transferring funds to them. - Cyber Extortion (Ransomware)
Cyber Criminals destroy, damage, or otherwise incapacitate the network or data of targets who don’t pay their demands. Covering ransomware payments (when permitted). - Cyber Business Interruption
General liability insurance or your errors and omissions insurance usually won’t cover business interruption for cyber events cyber insurance should provide this coverage. - Digital Asset Damage
The cost of rebuilding websites, networks, and intranets, and of recovering or restoring data.
Third-party coverages apply to costs arising from claims made against you (insured), including:
- Breach of Personally Identifiable Information (PII)
PII include Social Security numbers, bank account information, credit card numbers, personal health information, and sensitive corporate data.
- Breach of Contract
When a cyber-attack stops a firm from meeting contractual obligations. - Transmission of Software Viruses
Should an incident result in the affected firm unwittingly spreading a computer virus covering costs to discovery and remover the virus. - Denial of Service (DoS) Attacks
In DoS attacks, malicious sources overwhelm a network server with traffic, causing it to crash and keeping legitimate users from it. - Legal Expenses and Industry Fines
Attorneys’ fees, court costs, and fines imposed under the Payment Card Industry Data Security Standard (PCI DSS).
Contact Me Today
Lee Norcross, MBA, CPCU
California License # 0D87292
L Squared Insurance Agency, LLC ® DBA in California as L2 L Squared Insurance Agency, License # 0L93416
Managing Director, CEO
Lee@L2Ins.com
616-726-7080
