Data breaches take many forms. Some derive from external hackers; others from malicious insiders. A third – and surprisingly large category – derive from simple carelessness. Many pose a real threat to the individuals whose personally identifiable data has been lost or stolen. Others prove on investigation to be false alarms, but the forensic costs of establishing this can be high. It’s no surprise that three of the top five fraud threats of concern to the FDIC are cyber-related. Cyber Liability is a unique insurance, loss control and risk mitigation service that provides a comprehensive service to notify and protect the customers of policyholders that have suffered a data breach.
Coverage highlights include:
- Liability coverage for failing to protect the confidential information of others from unauthorized access.
- First Party coverage for expenses involved in the handling of a breach event.
- Access to an experienced team of experts who can help you successfully manage a data breach.
- A separate sublimit of coverage for fines and penalties resulting from non-compliance with published Payment Card Industry (PCI) data security standards.
- Credit and identity monitoring services start at breaches over 100 or 250 notified individuals, depending on company size.