Cyber crime is evolving rapidly. Alongside the onward march of cryptocurrencies and blockchain technology a new set of cyber exposures is also fast emerging. To meet this challenge, we’ve developed a comprehensive cyber product with the flexibility to cover these risks today and in the future.
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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.The advent of cryptocurrency and the utilization of blockchain technology have created a new set of cyber exposures. Ransomware cyber-attacks that demand payment in digital currency, 51 percent attacks, distributed denial of service attacks, transaction malleability attacks, malware installed on hardware security modules, storage for private keys, and node reliance, are just some examples of these exposures that are unique to the digital asset space. In light of the above, Relm has developed a Cyber Risk insurance policy that can respond to these risks. 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.

‍Who is covered?
The company and its subsidiaries
Any past, present, future senior executive officer or employee of the company or its subsidiaries

‍What is covered?
Loss arising from a Cyber Event
Loss arising from a security breach
Loss arising from theft or disclosure of paper records
Data and system restoration costs
Loss of income and extra expenses incurred in the wake of system business interruption
Costs and expenses, fines and penalties resulting from a regulatory investigation
First-party and third-party privacy breach notification costs
Loss arising from cyber threats and extortion

‍What is excluded? (examples of exclusions – not meant to be exhaustive)
Claims arising out of any actual or alleged antitrust violations
Loss sustained as a result of the loss of an unencrypted portable device
Claims arising out of any willful or dishonest acts of senior officers
Claims arising from claims or circumstances known at inception
Claims arising from war, terrorism, invasion, or insurrection with carve back for cyberterrorism and electronic terrorism
Claims arising from Bodily injury and property damage with carve back for mental anguish and emotional distress
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