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Stay Ahead of Cyberattack Threats with Cyber Liability

Cyber Liability is one of the fastest growing areas of concern from risk management perspective. Experts say the companies that try to stay ahead of the increasing threat of cyberattacks need to be cognizant of one simple fact: there is no perfect antidote or turnkey solution against criminals bent on breaching their systems. Over 50% of the world’s systems have already been breached and millions of personal information data is being auctioned off daily on internet black market. Risk Strategies offers a tool to transfer some of that risk – a well-drafted cyber liability insurance policy at affordable pricing.

 

This policy offers Full Prior Acts to cover unknown past breaches on a going-forward basis. You can rest assured that your “unknown” will be covered under Risk Strategies' policy subject to policy terms and conditions.

 

The policy offered to the NIPA members will include the following lines coverage:

  • Security & Privacy Limit of Liability: Total limit of liability available to defend and pay any indemnity (damages/settlements) for claims alleging a failure to protect the confidential information of others or to maintain an adequate level of network security.
  • Multimedia & Intellectual Property Liability: Total limit of liability available to defend and pay any indemnity (damages/settlements) for claims alleging infringement of intellectual property (copyright and trademark, not patent), libel, slander, etc.
  • Network Interruption & Data Recovery: Total limit of liability available to obtain reimbursement for lost net income as a result of network downtime caused by a breach of your systems, the expense for forensics consultants, and the expense of data restoration/replacement.
  • Notification Expenses: Total limit of liability available to provide notification (whether required due to statute or done on a voluntary basis) to potentially affected parties.
  • Event Support Expenses: Total limit of liability available to respond to a breach by hiring a law firm to serve as your “Data Breach Coach” and advise you on what your obligations are and how you need to respond to a breach.
  • Privacy Regulatory Defense & Penalties: Total limit of liability available to defend any suits brought by a regulator such as the FTC or a state attorney general due to a Data Security & Privacy claim.
  • Network Extortion: Total limit of liability available to pay extortion demands to avoid a data breach.
  • Payment Card Industry (PCI) Fine Sublimit: Total limit of liability available to provide reimbursement for fines and penalties levied by the Payment Card Industry
  • Electronic Theft, Computer Fraud & Telecommunication Fraud Sublimit: Total limit of liability available to provide for the theft of money through a wire transfer fraud or telephone hack.

  • Reputational Damage: Total limit of liability available to provide reimbursement for lost income due to reputational damage caused by a data breach.

  • Social Engineering Fraud: Total limit of liability available to provide reimbursement for the theft of money through deceptive communications.

Please contact our office at (949) 242-9228 or at TPAProgram-NIPA@risk-strategies.com or submit a completed application to us for a quotation.



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