Cyber Risk insurance provides coverage for both first-party losses and third-party liability arising from data security breaches and the disclosure of or failure to protect private information.
On a first-party basis:
Cyber Risk insurance can provide coverage for data breach response costs, investigation and notification expenses, loss of income arising from a network interruption cyberextortion payments and data restoration.
On a third-party basis:
Cyber Risk provides coverage for costs of defense and any resulting awards arising from claims made by third-parties alleging damages from the unauthorized disclosure of data resulting from a network security breach.
Crypto currency and its variations are an acceptable form of payment for ransomware attacks.
We have taken a broad approach regarding the definition “Claim Expenses” and “Cyber Event” to include vectors that are uniquely crypto related.
In addition to coverage income and extra expenses in the event of a network interruption, we have also contemplated coverage for contingent interruption to the extent a vendor is impacted by a cyber event. Coverage for PCI Fines and assessments can also be included to the extent relevant.
