Cyber insurance

Section I

First party cyber liability

• Loss of and damage to the insured’s data and networks

  Under this section of coverage, the policy pays for the insured’s expenses incurred in the restoration of:

  1. the proper operation of the insured’s network (to the pre-loss condition),

  2. information stored on the insured’s network, including physical documents

  in connection with the occurrence of a cyber event.

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• Business interruption

  Under this section of coverage, the policy pays for:

  1. the insured’s loss sustained due to a reduction of business income in the consequence of a business interruption,

  2. insured’s expenses incurred in order to resume or restore their business operations,

  arising out of a cyber event, cyber theft or cyber extortion.

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• Cyber theft

  Under this section of coverage, the policy pays for a loss caused by:

  1. theft or alteration/modification of the insured’s money or securities,

  2. theft or loss of the insured’s goods in connection with the supply or delivery of goods,

  which is sustained by the insured exclusively as a consequence of a cyber theft through unauthorised access during the period of insurance, but always excluding impersonation fraud.

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• Cyber extortion

  Under this section of coverage, the policy pays for a loss caused by cyber extortion in connection with an imminent or probable threat of:

  1. loss of, or damage to, the insured’s network,

  2. loss of insured’s money or securities,

  3. loss, disclosure or unauthorised use of the insured’s confidential information or the confidential information of others in the insured’s care,

  4. defacement of the insured’s website,

  5. the payment of forensic investigation costs on account of a claim related to para. (a)-(d) above,

  which follows any reasonable threat to the insured posed by an extortionist, which occurs during the period of insurance.

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• Telephone hacking of the insured’s telephone lines

  Under this section of coverage, the policy pays for the cost of calls resulting from the hacking of the insured’s telephone lines.

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• Impersonation fraud

  Under this section of coverage, the policy pays for the loss caused to any IT system as the result of impersonation fraud.

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• Notification costs

  Under this section of coverage, the policy pays for expenses following an actual or suspected disclosure of personal information, which were incurred by the insured in order to:

  1. comply with a security breach notice law of any jurisdiction within the territorial limits, and provide customer support services such as credit monitoring services, call centre costs and identity theft education and assistance costs,

  2. notify relevant individuals of such disclosure where no such security breach law exists and provide customer support services such as credit monitoring services, call centre costs and identity theft education and assistance costs.

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• Damage to the insured’s reputation

  Under this section of coverage, the policy pays for reasonable and necessary expenses incurred to respond to adverse or unfavourable publicity or media attention resulting from a cyber event.

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Section II

Third party cyber liability

• Cyber media liability

  Under this section of coverage, the policy pays for damages arising out of a third-party claim made against the insured in respect of:

  1. defamation of any individual or commercial enterprise,

  2. product disparagement,

  3. unintentional infringement of intellectual property rights

  4. improper deep-linking or framing;

  arising from the insured’s cyber media activities.

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• Privacy liability and loss of documents

  The insurer pays damages arising out of a claim made against the insured by a third party or insured’s employee in respect of:

  1. a breach of an individual’s right of privacy or wrongful public disclosure of private information by the insured or third party custodian,

  2. breach of the insured’s privacy policy, including breach of any common law or other law governing the confidentiality, integrity or accessibility of personal information, including any failure of the insured to provide notice of an actual or potential wrongful disclosure of personal information.

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• Liability for a breach of confidentiality

  The insurer pays on behalf of the insured damages arising out of a third-party claim made against the insured in respect of disclosure of non-public corporate information or trade secrets in the custody of the insured or a third party custodian, including their failure to provide notice of an actual or potential wrongful disclosure of non-public corporate information.

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• Cyber security liability

  The insurer pays on behalf of the insured damages arising out of a claim made against the insured by a third party in respect of the insured’s failure to prevent a cyber event resulting in:

  1. the inability of others to access the insured’s network, or

  2. damage to a third party network and/or loss of, or damage to, data stored on a third party network, or

  3. loss of, or damage to, data of others stored on the insured’s network or with a third party custodian, or

  4. loss of or damage to money or securities or the money or securities that the insured deposited with a third party custodian, but always excluding system failure.

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• Claim mitigation costs

  if the insured demands that the insurer pay claim mitigation costs, the insurer will pay such costs to the insured or reimburse the insured for such costs.

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• Regulatory actions and fines

  The insurer pays on behalf of the insured damages arising out of a claim made against the insured by a third party in respect of:

  1. regulatory penalties, civil penalties or fines but only to the extent insurable by law;

  2. regulatory defence costs in respect of a criminal, civil or administrative actions or proceedings, including any pre-trial or appellate proceedings of any regulatory investigation in connection with the insured’s business activities.

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• amage to the insured’s reputation – section II

  The insurer will reimburse the insured (subject to the sublimit defined in the policy) for reasonable and necessary expenses approved by the insurer to respond to adverse or unfavourable publicity or media attention resulting from a claim indemnifiable under the insurance contract.

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• Liability for a breach of payment security

  The insurer pays on behalf of the insured damages arising out of a claim made by a third party in respect of a breach of a written contract between the Insured and any entity or individual that governs the storage and processing of credit card information including any breach of the PCI DSS (Payment Card Industry Data Security Standard).

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