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What is Cyber Liability Insurance?
The cost of a data breach and the reputational damage to your business after a breach occurs can be devastating. You need a well-designed insurance policy to provide the protection you need, and breach management expertise to ensure the breach is managed properly and in accordance with regulatory requirements. Federal and State laws require forensic, legal and credit monitoring services are in place after a breach to protect customers from the misuse of their personal information.

Why Have Cyber Liability Insurance?
Data breaches occur every day. Hacking incidents are the most recognizable and expensive cause of data loss, and over the last few years have become the most common. • 49% of the data breach causes are malicious and criminal attacks.
• 32% are system glitches, such as software updates, which inadvertently expose sensitive private files.
• 9% are from people making mistakes, such as losing laptops and flash drives
No matter the sophistication of the security system, there is little that can be done to eliminate the risk of human error. A common, accidental breach is a real business risk worth considering today.

Coverage May Include:
• Third party liability for financial loss, mental anguish, mental distress and any breach related claims
• First party coverage for breach related expenses
• Full limit coverage for notification, credit monitoring and computer forensic expense
• Coverage for breach costs available outside of the policy limit
• Coverage available for business interruption, lost income and restoration of data post breach
• PCI fines, penalties and remediation expenses
• Primary limits available up to 20 million (higher limits available through excess)
• Retentions starting at $1,000
• In-house quoting system for risks up to $100 million
• Notification costs are covered when required by law and on a voluntary basis
• Free risk management services provided to policyholders

Sample Claim:
Restaurant Data Breach
A local restaurant chain discovers that their payment systems have been breached over the course of three months. Tens of thousands of customers had their credit card information stolen, resulting in fraudulent charges on the victims’ accounts. Victims band together and sue the restaurant chain for costs incurred, including paying for credit monitoring, recovering lost funds and expenses incurred in clearing their identities.

Target Classes
• Healthcare institutions
• Insurance agencies
• Law firms
• Management consultants
• Retail stores
• Distribution
• Doctor offices
• E-commerce risks
• Educational institutions
• Financial institutions
• Architects
• Auto dealerships
• Banks and credit unions
• Colleges and universities
• Data storage centers

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