Cyber insurance
Cyber insurance is a type of insurance coverage designed to protect individuals and businesses from internet-based risks and threats. It typically helps cover expenses related to data breaches, cyberattacks, and other incidents involving sensitive information. This type of insurance can offer financial protection by helping to cover the costs associated with:
Data Breaches
Damage to the job site as a result of vandalism, fire, lightning, hail, high winds, smoke, theft, explosions, vehicle collisions and Acts of God, such as hurricanes or earthquakes.
Cyber Extortion
Construction materials damaged or lost in transit, documents and data such as blueprints or project plans, and temporary structures like scaffolding, fencing, signage, retaining walls and The property itself is also insured.
Business Interruption
Claims from non-employees of bodily injury while on the construction site.
Recovery Costs
The cost of fixing or replacing construction equipment.
Lawsuits and Legal Fees
Rental income, real estate taxes, sales income and more paid interest on loans.
Do you have specific questions about Cyber insurance or need help finding the right coverage?
Get Help With Insurance, Inc. can quote your insurance with several carriers that that provide insurance coverage for cyber threats.
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We can get you Cyber Insurance?
We can find insurance for it.
Cyber insurance policies vary widely based on the insurer and the specific needs of the insured party. The coverage might differ in terms of the types of incidents covered, coverage limits, deductibles, and specific exclusions.
Cyber insurance enables businesses to transfer the costs associated with recovery from the tangible and intangible losses related to a cyber-related security breach or similar event.
Traditional insurance policies often do not cover these risks and often only accept the transference of known physical risks such as damage to equipment, stock, or locations.
By bridging the gap between physical and digital risks, cyber insurance allows companies to get back online and resume normal business operations faster, minimizing the cost to their recovery.
Contact our office to get a few Cyber Liability Insurance
quotes at (702) 541-0882
Cyber Insurance Coverages
Bodily Injury and Property Damage- 1st Party Coverage
A hacker gains access to an industrial control system or Internet-connected device. The attack may come from cyberspace, but the physical impact is real. The cyber insurance company will help you recover, by covering your business interruption losses and extra expenses (including tangible property) to restore your business operations to normal.
Bodily Injury and Property Damage - 3rd Party Coverage
A hacker gains access to an industrial control system or Internet-connected device. the attack may come from cyberspace, but the physical impact is real. The cyber insurance company will cover the costs of defense and any liabilty you incur wen a failure in your security results in physical damage or injury. Sub limits may apply. See your policy for details.
PCI Fines and Assessments Coverage
Your customers credit card information was stolen. Don’t worry. The cyber insurance company will cover any PCI fines or assessments made against you. If you weren’t aware, all businesses that accept or store credit card information are subject to the Payment Card Industry’s Data Security Standards (PCI DSS).
Multimedia Content Liability Coverage
Thanks to the Internet, any company with a public website is subject to the same exposures and litigation of a traditional media company. The cyber insurance company will indemnify you against claims for defamation, invasion of privacy, trademark and copyright infringement, and other multimedia wrongful acts.
Network and Information Security Liability Coverage
An employee loses a laptop with the private data of your customers or a hacker beaches your computer’s defenses and steals your data. These events can trigger mandatory reporting obligations, or worse, resulting in your company being sued. The cyber insurance company will help you resolve these incidents, including hiring legal counsel and covering legal judgements.
Computer Replacement Coverage
A malware infection alters the firmware of your computers. Their integrity may be compromised, but your business won’t be. The cyber insurance company will cover the costs to repair or replace any affected systems. Sub limits may apply; see your policy for details.
This is a first party coverage that is triggered
when an organization’s computers data and systems are damaged. A professional IT service should be hired to help remediate the damage caused by unauthorized access via malware or a dedicated denial of service attack
There’s seven components to a computer attack coverage::
- data re-creation
- data restoration
- systems restoration
- loss of business
- extended income recovery
- public relations
- reward payments
Service Fraud
A hacker gains access to your cloud infrastructure (network, servers, telephony, etc.) and drives up your bill mining for virtual currencies. The cyber insurance company will reimburse you for the loss incurred as a result of these malicious acts. Sub limits may apply. See your policy for details.
Reputation Repair Coverage
When an incident occurs, it’s often more than just your data that is damaged. In your time of crisis, The cyber insurance company will provide and cover the costs of consultants, public relations, and notification services so that you can control the narrative.
Reputation Repair coverage enhances Crisis Management coverage, with coverage available for advertising, media purchases and consulting costs to help you preserve customer confidence and protect your brand reputation.
Insured is eligible if it suffers a covered business interruption loss and provides:
The services of a professional public relations firm to assist the insured in communicating its response to the “computer attack” to the:
- Media
- public and
- customer, clients, or members.
Funds Transfer Fraud Coverage
A funds transfer request is sent to your controller by someone pretending to be the CEO. The funds may be out the door, but at least you’re not out of pocket–we’ve got you covered. Sub-limit and separate retention may apply; see your policy for details.
Here is a misdirected payment fraud scenario. A CEO of a business responded to an e-mail that appeared to be from the IT department
They’re ASKING for login info to the company website and update his account security. The bad actors then use those credentials to perform wire transfers and set the e-mail from the CEO’s e-mail address to that employee. That employee responsed to the CEO direct wire transfer of $10,000 to a bank in another country the claim paid the $10,000 misdirected payment
Digital Asset Restoration Coverage
Your network is hit by a ransomware attack. Your data may be held hostage, but your business doesn’t have to be. The cyber insurance company will cover the costs to fix the problem and restore data that is corrupted or lost.
- Restore or recreate lost data
- Pay to remediate damage to software
- Reconfigure/restore system configuration
- Suffer downtime resulting in loss of income
- Develop a public relations strategy to minimize reputational risk
- Anticipate potential legal actions alleging the entity’s lack of system security allowed damage to a third party
Business interruption & Extra Expense Coverage
A hacker uses a denial of service attack to take down your website. Your cloud provder goes down as the result of a network outage. The cyber insurance company will not only cover your lost income, but any extra expense to get your business back online.
Cyber Extortion Coverage
A hacker has encrypted all of your files and won’t unlock them until you pay a ranson. Not to worry, The cyber insurance company will cover the costs to get you up and running again.
LOSS SCENARIO:
While trying to balance the books a business owner received a strange pop up on his laptop saying he now has a ransomware virus. It locked the computer system until the extortion demand was paid. After consulting with the insurance carrier, the insured paid the ransom to unlock the system. Never pay an extortion unless you speak with the insurance company first! The insured also needed to have forensic IT come to perform a personal information evaluation to see if information was compromised which made the total cost of $24000 to include both the extortion payment and the system
restoration.
Crisis Management and Public Relations Coverage
When an incident occurs, it’s often more than just your data that is damaged. In your time of crisis the costs of consultants, public relations, and notification services so that you can control the narrative.
Breach Response Coverage
Incidents happen. When they do, we’re ready to help you recover and maintain the confidence of your customers. The cyber insurance company will provide expert counsel, and cover the costs of forensics, notification, and incident response efforts to help make you whole. For limits of 5 million or less, the limit for this coverage is separate from and in addition to the Aggregate Policy Limits of Liability.
CLAIM SCENARIO:
A retail business was hit with the virus that infected and corrupted the data and caused the insureds computer system to stop functioning properly and resulted in the loss of income.
The insured hired an IT firm to remove the virus and then had to reinstall the software so the total claim paid was $22,000 and that was data restoration systems restoration and the loss of business income.
Tech E & O Coverage
If a technology product or service that you sell doesn’t work as intended, or worse, results in losses for your customers, you could find yourself at the end of a lawsuit. The cyber insurance company will help you resolve these situations by covering the costs of defense and any legal liability you incur from such an error or omission.
Pollution Coverage
A hacker gains access to an industrial control system or Internet-connected device. A resulting system failure triggers the release of pollutants. The cyber insurance company will cover the costs to defend you and any liability you might have to a 3rd party resulting in the release of pollutants. Sub-limit may apply; see your policy for details
Rewards Payments
Reward payments: we had a burglar broke into accountant office and stole a computer with client tax records. The burglar boasted about the score in public place and a third party reported the incident to police. the report led to their arrest and the conviction of this bad actor and coverage reimburse the accountant for the reward payment that he had offered to bring the criminal to justice. the paid loss after the deductible was $15,000
This is intended as a general description of certain types of insurance and services available to qualified customers. Any description of policy provisions is meant to give a broad overview of coverages and does not revise or amend a policy. Refer to the policy coverage form for a complete representation of the scope of coverage, terms, conditions, exclusions and more. The policy is the contract that specifically and fully describes your coverage. Some products may not be available in all states and may only be offered on a non admitted basis. Product availability is subject to change.
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