Cyber and Privacy Liability
Cyber and Privacy liability

Cyber and privacy liability insurance covers companies that rely on technology. Information is so vital today that, to a certain extent, the loss of critical data could cause a corporation from continual existence.

This insurance is unique and necessary in the following respects:

• Commercial property insurance does not cover data
• Business interruption insurance would not response to outages caused by virus and hackers
• General liability insurance does not cover intellectual property rights infringement, defamation or privacy violations

This insurance has the following features:

• Civil liability resulting from data breaches
• Contractual fines resulting from privacy breaches
• Costs to notify individuals in the event of a privacy breach where required by law and costs of actions taken to mitigate a larger liability claim
• System repair and restoration in the event of accidental damage to data, including computer virus or hack attack
• Lost revenue arising from system downtime after a computer virus or hack attack
• Electronic fraud
• Liability arising from a breach of statutory e-commerce duties
• Media liability for electronic content, including intellectual property rights infringement and defamation