THIRD PARTY PRIVACY LIABILITY
covers sums the insured is legally obligated to pay as a result of privacy breach or unintentional breach of privacy regulations.
what expenses does it cover?
damages to third parties
regulatory fines and penalties
claims expenses – defense costs, accounting costs
NETWORK SECURITY COVERAGE
covers damages and claims that insured is legally obligated to payarising out of computer attacks caused by failures of security including theft of client information, identity theft, negligent transmission of computer viruses and denial of service liability
what type of attacks does it cover?
unauthorized access of the insured’s computer system = hacker
unauthorized use of insured’s computer systems by authorized person = rogue employee or malicious insider
denial of service attack
transmission of malicious computer code, malware, or virus
alteration, destruction, deletion of data on insured’s computer system
FIRST PARTY COVERAGE
covers direct first party losses that an insured may incur in connection with a privacy or security breach
what are examples of first party losses?
forensic costs to investigate a breach
public relations/crisis management expenses
credit monitoring expenses – for victims of identity/credit card theft
data recovery expenses – costs to recover, replace, or restore lost/stolen data
business interruption expenses – lost income due to an inability to access data, hourly wait deductibles
INTERNET & MEDIA LIABILITY
covers third party losses that an insured may incur as a result of errors and omissions in communication of information on the internet, also protects against defamation and/or invasion of privacyclaims resulting from copyright and/or trademark infringement
what alleged acts are covered?
defamation, libel, disparagement (including product disparagement)
breach of implied contract arising out of the submission of ideas
invasion of privacy
infringement of copyright, trademark or unauthorized use of material
breach of agreement relating to product placement
CYBER EXTORTION COVERAGE
cyber extortion is a type of online crime in which a criminal threatens to damage or shut down a company’s website, e-mail server, or computer system or threatens to expose electronic data or information belonging to the company unless the company pays the criminal a specific ransom amount.
what losses can arise from cyber extortion?
expenses incurred in responding to a cyber demand