Cyber Breach and Data Breach Liability is typically meant to cover at least one of these types of digital infiltration.
What are the types of Data Breaches?
- Password Breach
- Nuisance Breaches – Nothing really happens, but your data was compromised and may be used in the future at some point.
- Laptop, Mobile Phone, and Computer Thefts
- Deliberate Hacking
- Social Engineering and Fraud
- Stolen Files
- Email Breaches
Network Disruption may not be covered under some Cyber Liaiblity policies so it is important to check your policy. Network Disruption is a fairly broad term which is why some insurance carriers may not be offering terms inclusive of such a coverage.
If your organization has purchased a data liability policy, or a cyber policy, and this coverage has been purchased, if your network goes down due to a deliberate cyber attack, your policy should provide some coverages. But if you just have a undiagnosed system outage that can’t be explained, there may not be coverage for that.
Give us a call today at (412) 325-1650, we are happy to help and we’re licensed in most states.
Data Assets, or digital assets, are the files and information you hold as valuable intellectual property. Sometimes these types of assets don’t even exist in a physical form. Instead, these assets could be logos, ideas, products designs, and whatever intellectual property your organization holds dear.
Data Asset coverage is important, but it is not common for business insurance of any kind to include such a coverage. Instead, not only must you purchase a cyber liability policy in order to get this coverage, you must also verify and double check that the policy you purchased has this coverage included. Not all cyber liability policies will include data asset coverage, whether or not it pertains to intellectual property or intellectual property infringement.
Social Engineering when discussed in the sphere of digital security can best be described as the act of criminal deception aimed to coerce or manipulate an individual or group into disclosing information to that criminal or criminal group. The ultimate purpose of social engineering is for the criminal act to separate you from your money, period.
Although this is a very valuable, and realistic type of cyber breach, this coverage is not included in every cyber policy. In fact, some cyber insurance companies cannot even provide this type of coverage, so it is important you call your agent today and determine what coverage you have on your current policies.
When referring to the term cyber liability, you are referencing third-party-based liability coverage is only. What that means is the purpose of the insurance, in this case cyber liability, is meant to provide asset protection in the event you become legally liable for a cyber related incident. Such liability coverage is not meant to provide any first party property based coverages, which is where income loss coverage would reside for the coverage in question.
It is extremely important to understand that cyber liability policies are not meant to replace lost earnings, unless you have the specific coverage in question.
At Kelly Insurance Group, we will take the time if you will allow us, to explain and provide to you situational type consultation about your specific business in the types of coverage you may or may not need. Please call us today and ask how we can help your business determine what policies may suit you best.
Most Insurance companies providing cyber liaiblity coverage will have their own proprietary suite of coverages. When you ask your insurance agent for a cyber insurance quote, make sure you ask them to provide as many endorsements as possible during the quoting process. That way, you can read and understand the additional coverages available and then make a determination whether or not the price associated with the additional coverage is worthwhile from a risk perspective.