Cyber Liability & Technology
Cyber fraud, theft and other online issues have become a big problem for businesses.
We can help protect your online and in-store assets with highly customizable insurance plans.
Common coverages for Cyber Liability & Technology
Business interruption insurance
Business Interruption Insurance compensates you for your lost income while your business is closed due to an insured direct physical loss. It replaces your loss of income or profits until you’re back up and operating again.
Typically, Business Interruption Insurance coverages would include:
Extra Expense Coverage:
This form of coverage insurers against payment of additional expenses while operating in temporary quarters due to damage to buildings or contents by an insured peril.
Gross Earnings Coverage:
A form of insurance which covers the reduction of gross earnings (total net sales less the cost of goods sold) during the period that a business is shut down following damage by an insured peril. Coverage however, only applies until the doors open again for business.
This form of coverage continues until the organization profits have returned to the same position as they were prior to the loss occurring subject to an indemnity period which is usually 12 months.
Rental Income Coverage for Landlords:
A form of business interruption insurance designed for landlords to cover the loss of rents when leased property is made uninhabitable due to damage by an insured peril.
Crisis Management planning can help prepare for unplanned events, including and not limited to:
- One of your employee drivers in your corporate fleet is determined as the cause of a large, multi-vehicle collision
- Your primary supplier’s warehouse is destroyed by an arsonist
- A terrorist threat shuts down your office building
- All of your computer systems are compromised and shutting down by a hacker
- Your only manufacturing plant is shut down due to power outage caused by an ice storm
- One of your best-selling products is subject to a massive recall
- Your CEO/executive team is tragically killed in a plane crash
- The financial and brand devastation if one of your products is recalled
Funds transfer fraud
Funds Transfer Fraud arises when a third party directly sends fraudulent instructions to your financial institution, purporting that the instructions came from you or your company – but these instructions were transmitted without your consent or knowledge.
The most common scenario is when a third party gains access to the your banking credentials and logs in to the website or portal to instruct the financial institution to transfer money out of your account and into accounts that are held by the third party. In most instances, the person at risk is not aware of the transaction taking place until sometime after the financial institution has acted upon the fraudulent transfer instructions.
Privacy Breach Insurance
A privacy breach occurs when companies provide unauthorized access to use, collect or disclosure of personal information.
Common privacy breach scenarios include:
- Missing laptop: Missing device storing personal information such as a laptop or USB flash drive stolen from a parked vehicle at the mall.
- Mis-mailing: Address list for a mass mailing was off by one line and attachments containing personal information was emailed to incorrect recipients.
- Improper document disposal: Back-up data tape submitted for disposal is unaccounted for and documents containing personal information are left exposed.
Expense coverages after a breach can include, but not limited to:
- Privacy Breach Notification Expenses: Expenses incurred to comply with a government ordered notification to affected individuals.
- Crisis Management Service Expenses: Expenses incurred to hire a public relations consultant to help manage customer retention after a breach.
- Identity Restoration Case Management Service Expenses: Expenses to provide victims of the breach with monitoring services for up to one year.
- Computer and Network Forensic Consulting Service Expenses: Expenses for a forensic investigation into the scope of the breach.
- Data Breach Reward Expenses: Money paid for information leading to the arrest and conviction of parties involved in the breach.
- Computer Fraud
- Network and Information Security
- Ransomware and E-Commerce Extorsion
- Restoration Services