29 Oct What to Look For When Purchasing Cyber Insurance

CHECKLIST FOR CYBER INSURANCE

Also known as cyber liability insurance, cyber coverage can help organizations pay for a range of expenses that may result from cyber incidents—including (but not limited to) data breaches, ransomware attacks and phishing scams. When seeking this form of coverage, it’s important for organizations to clearly understand what types of losses their policy covers and any additional services their insurance carrier offers. This checklist outlines the primary elements to look for when purchasing cyber insurance.

KEY COVERAGE OFFERINGS AND CARRIER SERVICES

• Does the policy provide coverage for losses stemming from data breaches?
• Does the policy provide coverage for losses resulting from cyberattacks on company systems and networks?
• Does the policy provide coverage for losses stemming from third-party cyberattacks?
• Does the policy provide coverage for losses resulting from both domestic and international cyberattacks?
• Does the policy provide coverage for losses stemming from cyberwarfare or other terrorist acts?
• Will the insurance carrier offer assistance in defending against lawsuits or regulatory investigations related to cyber incidents?
• Will the insurance carrier offer a data breach helpline that remains available 24 hours?
• Will the insurance carrier supplement any applicable policies with excess coverage for cyber losses?

FIRST-PARTY COVERAGE COMPONENTS

• Does the policy include coverage for legal counsel to help determine breach notification requirements and other regulatory obligations as it pertains to applicable cybersecurity legislation?
• Does the policy include coverage for the recovery and replacement of lost, stolen or otherwise compromised data?
• Does the policy include coverage for lost income stemming from business disruptions and cyber incidents?
• Does the policy include coverage for notification and call center services following cyber incidents?
• Does the policy include coverage for crisis management and public relations services during cyber incidents?
• Does the policy include coverage for cyber extortion and fraud?
• Does the policy include coverage for forensic services to help investigate cyber incidents?
• Does the policy include coverage for fees, fines, and other penalties related to cyber incidents?

THIRD-PARTY COVERAGE COMPONENTS

• Does the policy include coverage for payments to individuals impacted by cyber incidents?
• Does the policy include coverage for claim, settlement and judgment costs associated with disputes or lawsuits stemming from cyber incidents?
• Does the policy include coverage for losses pertaining to defamation and copyright or trademark infringement allegations resulting from cyber incidents?
• Does the policy include coverage for litigation expenses and responses to regulatory inquiries related to cyber incidents?
• Does the policy include coverage for accounting costs associated with cyber incidents?
• Does the policy include coverage for fees, fines and other penalties related to cyber incidents?

Click on the link and complete the form to discuss cyber coverage at your organization.

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