Cyber

Cyber insurance provides both expense reimbursement and liability insurance for losses resulting from acts related to or because of a cyber event. Most policies also include access to professional consultants who are available on a 24/7 global basis to assist the insured should a cyber event occur.

The definition of what a cyber event is continues to expand as new viruses, phishing techniques and criminal use of the internet continue to grow. A cyber event can generally be described as any actual or unauthorized system access, electronic attack or privacy breach, including denial of service attack, cyber terrorism, hacking attack, Trojan horse, phishing attack, man-in-the-middle attack, application-layer attack, compromised key attack, malware infection (including spyware or Ransomware) or computer virus.

Coverages available generally include:

• Cyber incident response costs
• Legal and regulatory costs
• IT security and forensic costs
• Crisis communication costs
• Privacy breach management costs
• Third party privacy breach management costs
• Cyber crime
• Funds transfer fraud
• Theft of funds held in escrow
• Theft of personal funds
• Extortion
• Corporate identity theft
• Telephone hacking
• Phishing Systems damage and business Interruption
• System damage and rectification costs
• System business interruption
• Consequential reputational harm
• Loss adjustment costs
• Network security & privacy liability
• Management liability Regulatory fines
• Media Liability
• Defamation
• Intellectual property rights infringement
• Technology errors and omissions
• Court attendance costs

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