Cyber Security Liability for Businesses

An insurance that helps you protect what you connect.

The average cost of a data breach is $204 per lost record, with more than half of such costs due to lost customers and the associated public relations expenses to rebuild an organization’s reputation. Don’t let your clients be unprotected!

Target Classes

• Healthcare
• Hospitality
• Insurance Agency
• Manufacturer
• Non-Profit Organization
• Private School
• Professional Service
• Religious Organization
• Retail
• Many more!

Prohibited Classes

• Adult Content
• College/University
• Data Warehousing/Data Broker
• Casino/Gambling
• Lottery
• Mortgage Lender
• Municipality
• Public School District

Key Features

• Limits available up to $20M for select risks
• Both First and Third Party coverages available
• Complimentary access to eRisk Hub™ cyber risk
management portal
• Excess Cyber is available for clients requiring high limits
• Availability of complementary coverages to provide broader risk
management solutions including Directors & Officers, Employment
Practices, Fiduciary, and Crime
• Quick turnaround times for proposals and policy issuance

*disclaimer: coverage can change without notice

First Party Coverages

  • Loss of Digital Assets
    Loss resulting from damage to or corruption
    of the insured’s electronic data and computer
    programs.
  • Non-Physical Business Interruption and
    Extra Expense
    Income reimbursement during the period of
    restoration of the insured’s computer system.
  • Security Event Costs
    Customer notification, regulatory fines and
    penalties, and public relations expenses.
  • Cyber Extortion Threat
    Reimbursement for extortion expenses resulting
    directly from a credible threat to the insured’s
    computer system.
  • Cyber Terrorism
    Reimbursement for income loss, interruption,
    and special expenses directly as a result of
    an interruption or failure of the insured’s
    computer system caused by an act of terrorism.

Third Party Coverages

  • Network Security/Privacy Liability
    Legal Liability for a security breach or privacy
    breach resulting from alleged violations of
    HIPAA and other privacy protection laws/
    regulations (state, federal or foreign).
  • Employee Privacy Liability
    Legal liability for a security breach or privacy
    breach of employees’ PII or PHI.
  • Electronic Media Liability
    Claims arising from the following on the
    insured’s internet or intranet site
    • Defamation, libel or slander
    • Invasion of an individual’s right of privacy
    • Plagiarism or misappropriation of ideas
    under an implied contract
    • Infringement of any copyright, trademark,
    title, service mark
    • Domain name infringement

Claim Scenarios

  • Unauthorized Access
  • Theft of Digital Assets
  • Privacy Breach
  • Human Error
  • Cyber Extortion Threat
  • Malicious Code

Why Cyber Security Liability?

Of all the insurance types we sell, cyber security may be the most important for a modern business. In the event of an attack on data, all digital systems can go down. With most employees working online, a loss of this tool can stop business operations and result in operations issues, client privacy loss, and hefty costs. In an ever-evolving digital world, we can’t afford to leave businesses or individuals vulnerable to these losses.

Submission Requirements

  • Completed application (< $10M annual revenues); application (> $10M annual revenues)
  •  Latest annual financial statement
  • Supplemental claim form, if applicable
  • Additional information may be required depending on the risk

Please send submissions to Commercial@mibsga.com 

Contact Robin Leckner with any questions at 847.631.6658.

Click for Additional Information
Cyber Security Application ILOpen
Cyber Security Liability BrochureOpen
Cyber Security Liability Claim ScenariosOpen
Cyber Liability Coverage SynopsisOpen