Any company that handles, maintains or processes Personally Identifiable (Driver’s License Numbers, Social Security Numbers, Dates of Birth, Email Addresses and more) or Protected Health (Account Numbers, Medical Record Numbers, Insurance Beneficiary Numbers and more) Information needs their own Cyber Data Breach Insurance to protect their organization against claims arising out of Theft of Hardware, Lost or Stolen Laptop or Device, A Staff Mistake, A Rogue Employee and other causes of loss.
Network Security Liability – Covers the Unauthorized Access of a network that
leads to the destruction, deletion or corruption of electronic data as well as the
failure to prevent the transmission of Malicious Code from Computer Systems to
third party computers and systems.
Privacy Liability - Covers the theft, loss or unauthorized disclosure of Personally
Identifiable Non- Public Information or Third Party Corporate Information that is in
your care, custody or control.
Privacy Notification Costs - According to the 2016 NetDiligence Cyber Claims Study, the
median number of records exposed in this report was 1,339 and the median cost perrecord
was $39.82. This is a $53,000+ claim. You need coverage to notify the affected
individuals as well as the potential expenses arising from credit monitoring.
Public Relations & Crisis Management Expense - If a breach does occur and your
company makes the newspaper or network news, you better believe your competition
will use this against you to try and take your clients. You need coverage for the costs
associated to hire a public relations firm to avert or mitigate material damage against
Legal and Forensic Expense - Provides coverage for the cost of retaining an
attorney to advise you of your obligations under data breach notification laws in
the event of a network security breach impacting PII, as well as the cost of hiring a
computer security expert to determine the existence, cause and extent of the
Network Security and Privacy Liability (Regulatory) – This coverage is for claims
expenses and penalties if a governmental agency or regulatory body brings an
enforcement action against you for a violation of a law protecting the confidentiality
and security of Personally Identifiable Information.
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Conference ID: 313131