Directors & Officers Insurance – Management Liability Insurance

Cyber and Technology Liability Insurance Coverage

As technology becomes increasingly important for successful business operations, the value of a strong cyber liability insurance policy continues to grow. The continued rise in the amount of information stored and transferred electronically has resulted in a remarkable increase in the potential exposures facing businesses.

In an age where a stolen laptop or data breach can instantly compromise the personal data of thousands of customers, protecting your business from cyber risks is just as important as some of the more traditional liability exposures businesses account for in their commercial general liability policies.

Cyber Liability Insurance policies can provide coverage for breaches whether employees are working from home or at an office.  Also, Cyber Liability Insurance policies offer resources to policyholders, including training for employees, network/ system scans, and Incident Response Planning Guide support amongst other offerings. Cyber insurance provides a financial backstop to all the cyber security work a company invests in, focusing on the following areas:

• Data breach: Legal representation is typically the first resource sought out in the wake of a cyber incident.  And this representation can be the most efficient way to access Cyber Insurance policy resources including forensics, ransom negotiation, public relations and data restoration.  All carriers handle these resources somewhat differently, but we emphasize providing notice to your carrier as soon as you learn of an incident.  We are here to support our clients throughout that process.
• Forensics: As noted in the paragraph above, forensic analysis and the costs associated are a very valuable resource associated with most Cyber insurance policies.  Forensic investigations provide the basis for any subsequent Cyber insurance policy response and therefore should be engaged early in the incident response process.  Forensic reports not only indicate how a breach occurred, but they provide specific advice and direction on how to avoid future system intrusions.
• Business interruption loss reimbursement: A cyber attack can lead to an IT failure that disrupts business operations, costing your organization both time and money. Cyber liability policies may cover your loss of income during these interruptions. What’s more, increased costs to your business operations in the aftermath of a cyber attack may also be covered.
• Cyber extortion: Ransomware and similar malicious software are designed to steal and withhold key data from organizations until a steep fee is paid. As these types of attacks increase in frequency and severity, it’s critical that organizations seek cyber liability insurance, which can help recoup losses related to cyber extortion.