Cyber

Cyber insurance can help restore employee and customer identities, recover compromised data and repair damaged computers and networks, whether your business is the victim of a data breach, password attack, ransomware or phishing attack.

You could be at risk for a cyber attack. A staggering number of small and medium-sized organizations get attacked each year — many without the support of cyber insurance coverage. And if your systems or data are compromised, it can put you out of business or cause a significant financial loss.

Any business that stores data on a network is at risk for a cyber attack. Data privacy attacks now occur every 40 seconds in the U.S.

Without cyber insurance, you could be on the hook for state and federal fines and penalties, a forensic investigation, breach notification costs and even a class action or third-party lawsuit down the road — all hits on your balance sheet.

Our Superior Cyber Insurance Covers:

Coverage for the Insured’s Direct Loss (First-Party Loss)

• Ransom Payments: Expenses or payments to respond to a cyber extortion demand or ransomware attack. 
• Data & System Recovery: Costs to restore the computer system to the same level of functionality that existed prior to a cyber event and to restore, retrieve, repair, or reinstall electronic data or software damaged from a cyber event.
• Business Interruption: Income loss and expenses incurred during the interruption or slowdown of operations caused by a cyber event at your business.
• Business Interruption from Suppliers: Income loss and expenses suffered by the company due to a vendor or supplier experiencing a
  cyber event of their own.
• Reputational Harm: Income loss incurred due to a cyber event
  becoming public and hurting the company’s reputation.
• Cyber Incident Response: Expenses to respond to a cyber event, including:
  • Legal Services
  • Computer Forensic Services
  • Notification of affected individuals and credit monitoring
  • Public relations
• Cyber Deception: Financial fraud, phishing attack loss, and
  telecommunications fraud loss sustained because of a social
  engineering event or impersonation attempt.
• Cryptojacking: Malicious software that uses the computer’s power and resources to mine for digital currency – this can interrupt your own operations, lead to huge electricity bills and shorten the life of your computers and other devices.

Coverage for Claims Brought Against an Insured (Third-Party Liability)

• Privacy and Network Liability: Defense against claims filed against your business because of a cyber event.
• Regulatory Fines: Fines and penalties imposed by a governmental agency resulting from a cyber event or violation of privacy regulations.
• Payment Card Penalties: For companies that take credit card
  payments, there is coverage for forensic investigation costs, fines, penalties, and assessments that businesses owe to the credit card companies because of a cyber event on their systems.
• Media Liability: Defense against claims alleging improper material on your company’s website or in print media, such as copyright infringement

There is no standard cyber insurance policy that can be applied to every business, so having an experienced broker will be key to making sure you’re adequately insured.