Third-party claims (people sue your company or make claims against you). Common costs include:
- Legal defense, settlements and judgments, negligence, failure to maintain security procedures
- Network Security and Privacy Liability: consumer data breach, unauthorized access, destruction of data, viruses/malware, social engineering (phishing)
- Communications and Media Liability: copyright/trademark/logo infringement, plagiarism, defamation or disparagement, libel and slander
- Regulatory claims
First-party claims (direct costs to your company to respond to a breach). Common costs include:
- Legal advice, notification costs of communicating the breach, forensic investigation, funds transfer fraud, cyber extortion, cyber terrorism, public relations expenses, travel expenses to mitigate damages, crisis communications, and setting up a call center.
- Privacy Event Expenses: covers breach of physical records, rogue employees, loss of laptops or USB drives.
- Business Interruption: covers loss of profits and extra expense during the time your network is down. Although your business may have Business Interruption coverage as part of your property coverage, cybercrimes are often excluded.
Multiple insuring agreements are available and can be assigned limits and deductibles to suit your individual business needs and exposures.