Dedicated to providing coverage to a firm to protect them from:
- Any information disclosed that should have been kept private, by law.
- Within an online, digital or social media setting, the blame of invasion of privacy or a violation of copyright/trademark, has been alleged.
- Computer security failures that cause; deletion or transformation of data, malicious code, or cause an interruption of service.
- This coverage actually applies to much different communication setting; including paper.
- Holders of cyber liability insurance can obtain monies to help them with expenses for fraud, their defense against privacy violation claims, as well as experts that may be needed.
Privacy Liability Insurance
- Covers: private (personally identifiable, protected health or confidential company data) information is disclosed without authorization
- Provides: liability coverage
Privacy Regulatory Claims Insurance
- Covers: a privacy breach; of a federal, provincial, local or foreign regulation or law in regards to privacy.
- Provides: coverage for a legal defense, penalty or fine levied.
Security Breach Response Insurance
- Covers: confidential information pertaining to your customers or employees
- Provides: for professionals to help firm limit damage to their brand; legal expenses incurred to determine obligations, and the cost of monitoring affected customers
Note: if notification will potentially cause damage to your brand, coverage can be broadened, if there is no legal requirement to notify.
Security Liability Insurance
- Covers: alleged or real security wrongful acts
- Provides: liability for lack of authorized access to your computer systems by a third party; data manipulation; false or unwanted phishing communications that affect data; theft; denial of service; or transmission of code to a third party.
Multimedia Liability Insurance
- Covers: allegations, during communications of media content in non-electronic or electronic instances
- Provides: protection against slander, defamation, emotional stress, libel, failure to the right of privacy, copyright or infringement of intellectual property.
Note: Extend this coverage to include types and formats of media where the information is being stored.
Cyber Extortion Insurance
- Covers: malicious code being introduced, a system interruption, corruption of data, manipulation or the destruction of personal or confidential company information.
- Provides: payments and other costs related to extortion that allow you to negate a potential threat from becoming a reality.
While cyber liability insurance is not required by law it is quickly becoming an expected coverage. To have it instills confidence your ability to minimize risk. Global demand for the requirement of notification in the event of data breaches has become expensive and more and more common.