Protect your company against a multitude of cyber threats.
Cyber Liability is a relatively new type of insurance coverage that protects the insured against threats to their own computer network, as well as threats against third-party networks that may have been caused by the insured’s operations. As cyber criminals become more and more sophisticated, the insurance that is being provided must evolve. Ransomware and other scams designed to extort money from an insured are on the rise which is increasing the demand for this very useful coverage.
Average cost to remediate a ransomware attack
Ransomware attack caused loss of business/revenue
average time to recover from a ransomware attack
Benefits
- Provides both First and Third-Party coverage.
- Protects a corporation’s computer network from hacking and the personal information stored on it against cyber criminals.
- Policy can be utilized to pay Ransom for systems that have been seized by cyber criminals.
- Will provide coverage for loss of profits from the insured’s system being shut down. In addition, it will cover the loss of profits from the shutdown of vital dependent businesses in your supply chain or operations.
- Most contracts are requiring Cyber Coverage as minimum insurance requirements.
- Creates an awareness of the importance of Cyber Security.
Features
- Policy Term: Annual Policies.
- Limits of Liability: Coverage limits can be as low as:
- $1M per occurrence/ $1M aggregate
- Companies requiring higher limits can build towers
- up to $100M, often in layers of $5M or $10M
- Retentions: Can vary, depending on the exposure and the size of the company and range between $25,000 and $1M.
Human operated ransomware is most prevalent, as one-third of targets are successfully compromised by criminals using these attacks.
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