Unmatched coverage just got better. Cyber and technology insurance policy – CyberRiskConnect – now comes with expanded coverage and even broader terms to protect against today’s emerging risks

1.What makes CyberRiskConnect different?

·        The policy form is written in a way that is easy to read and navigate with embedded hyperlinks. It includes broader terms and expanded coverage for emerging risks. More specifically, the policy provides for.

·        Business Interruption coverage applies after a waiting period while for. Extra Expense only a retention applies

·        The reimbursement period for losses arising from a data breach or cyber-security breach is 18 months

·        Unlimited reimbursement period for loss of business income

·        Expanded definition of “outsourced provider” to include any third party contracted to perform any business service on behalf of an insured company

·        Insured has the option to select their preferred vendor

·        Access to services through best-in-class vendor partners to assist Insureds with cyber security needs 

·        Third party recall loss of use coverage   

·        Broad E&O trigger

2. Coverage

·        Technology Products and Services

·        Professional Service

·        Media

·        Privacy and Security Liability

·        Data Breach Response and Crisis Management

·        Privacy Regulatory Defense Costs and coverage for any fines and penalties assessed

·        Business Interruption and Extra Expense

·        Data Recovery

·        Cyber Extortion and Ransomware

3. Coverage available by endorsement

·        PCI Fines and Penalties  

·        Social Engineering Financial Fraud

·        System Failure

·        Dependent Business Interruption

·        Bricking

·        Voluntary Shutdown

·        Consequential Reputational Loss

4.Target Industries

a. Cyber:

retail, financial institutions, healthcare, professional services firms, manufacturers, higher education institutions, power and utility companies

b. Technology companies:

software developers, hardware manufacturers, cloud service providers, system integrators, IT consultants

c. Telecommunication companies:

wireline, wireless, VOIP, cable and DSL providers; telecommunication equipment

d. Internet companies:

social media companies, ISPs, ASPs, domain name registrars, web hosting services, development, design and maintenance of website.

5. Claims

·        Dedicated and experience attorneys who provide hands on service.

·        Ability to submit data breaches via a 24 hours hotline.