Cyber Insurance

A Growing Concern

As breaches, destruction of data, network failure and regulatory change increases, the need for cyber insurance grows in direct proportion. The electronic communication centric environment under which businesses operate creates a fertile environment for hackers to operate in and leaves businesses vulnerable to:

  • Security breaches leading to release of confidential data such as Personally Identifiable Information (PII), Protected Health Information (PHI) or Payment Card Industry data (PCI)
  • Theft of valuable business information such as customer lists, trade secrets or electronic business assets
  • Introduction of damaging malicious computer codes or malware
  • Significant business interruption causing loss of profits and additional expenses during downtime
  • Costs for notification to impacted parties, along with associated expenses to remediate loss (i.e. credit monitoring)
  • Extortion from hackers
  • Liability from lawsuits
  • Reputational harm

Solutions

As awareness of the severity of cyber breaches has been fueled by their frequency, the insurance industry has responded with an evolution of specific coverages to address cyber liability. Most policies are written on a modular basis but are not standardized and can vary significantly from one insurer to another. Blended Cyber Insurance Solutions include:

  • Tech E&O / Professional Liability
    • Third party coverage
    • Financial injury to a third party caused by errors in your product or negligence in your provision of services
  • Data Privacy Liability
    • First or Third party coverage
    • Privacy remediation expense
    • Privacy regulatory defense costs
    • Privacy regulatory fines and penalties
  • Network Security Liability
    • First or Third party coverage
    • Business interruption
    • Data restoration
    • Cyber extortion
  • Media Liability
    • Third party coverage
    • Advertising and Personal injury
    • Infringement of copyright or other intellectual property

Mason offers Cyber Insurance solutions tailored to suit your company’s needs via risk assessment assistance and policy form analysis. It’s important to strike the right balance between coverage, limits and cost and our deep expertise in this sector will help to guide you. In addition, we offer a cyber risk management tool portal, data breach cost calculator and exclusive cyber limit and cost benchmarking.