Protect What You Connect with Philadelphia Insurance Companies. 

Cyber Security Liability Insurance is a hot topic in the industry right now due to the increasing use of online tools and data being passed within organizations. Cyber crime in 2018 generated revenues of over $1.5 Trillion in ransom, data selling and more.

The average cost of a data breach is $204 per lost record, with more than half of such costs due to lost customers and the associated public relations expenses to rebuild an organization’s reputation. It is becoming more essential to protect the data and cyber information of a business. Don’t let your clients be unprotected!

Why Cyber Security Liability?

Cyber crime scenarios for businesses saw a 600% spike in 2018.

Of all the insurance types we sell, cyber security may be the most important for a modern business. In the event of an attack on data, all digital systems can go down. With most employees working online, a loss of this tool can stop business operations and result in operations issues, client privacy loss, and hefty costs. In an ever-evolving digital world, we can’t afford to leave businesses or individuals vulnerable to these losses.

Cyber Security issues are a huge topic in the risk and insurance industry right now due to the increased digitalization of records and data. Of all of the coverages available, Philadelphia Insurance Companies monoline policies are competitive.

Claim Scenarios

  • Unauthorized Access

  • Theft of Digital Assets

  • Privacy Breach

  • Human Error

  • Cyber Extortion Threat

  • Malicious Code

Key Features

• Limits available up to $20M for select risks
• Both First and Third Party coverages available
• Complimentary access to eRisk Hub™ cyber risk management portal
• Excess Cyber is available for clients requiring high limits
• Availability of complementary coverages to provide broader risk management solutions including Directors & Officers, Employment Practices, Fiduciary, and Crime

*disclaimer: coverage can change without notice

Target Classes

  • Healthcare
  • Hospitality
  • Insurance Agency
  • Manufacturer
  • Non-Profit Organization
  • Private School
  • Professional Service
  • Religious Organization
  • Retail
  • Many more!

Prohibited Classes

  • Adult Content
  • College/University
  • Data Warehousing/Data Broker
  • Casino/Gambling
  • Lottery
  • Mortgage Lender
  • Municipality
  • Public School District

First Party Coverages

  • Loss of Digital Assets
    Loss resulting from damage to or corruption
    of the insured’s electronic data and computer
    programs.
  • Non-Physical Business Interruption and
    Extra Expense
    Income reimbursement during the period of
    restoration of the insured’s computer system.
  • Security Event Costs
    Customer notification, regulatory fines and
    penalties, and public relations expenses.
  • Cyber Extortion Threat
    Reimbursement for extortion expenses resulting
    directly from a credible threat to the insured’s
    computer system.
  • Cyber Terrorism
    Reimbursement for income loss, interruption,
    and special expenses directly as a result of
    an interruption or failure of the insured’s
    computer system caused by an act of terrorism.

Third Party Coverages

  • Network Security/Privacy Liability
    Legal Liability for a security breach or privacy
    breach resulting from alleged violations of
    HIPAA and other privacy protection laws/
    regulations (state, federal or foreign).
  • Employee Privacy Liability
    Legal liability for a security breach or privacy
    breach of employees’ PII or PHI.
  • Electronic Media Liability
    Claims arising from the following on the
    insured’s internet or intranet site
    • Defamation, libel or slander
    • Invasion of an individual’s right of privacy
    • Plagiarism or misappropriation of ideas
    under an implied contract
    • Infringement of any copyright, trademark,
    title, service mark
    • Domain name infringement

Submission Requirements

  • Completed application
  •  Latest annual financial statement
  • Supplemental claim form, if applicable
  • Additional information may be required depending on the risk’

Please send submissions to Commercial@mibsga.com 

Contact Robin Leckner with any questions at 847.631.6658.

For additional information and marketing materials, go to www.phly.com

Cyber Security Application ILOpen
Cyber Security Liability BrochureOpen
Cyber Security Liability Claim ScenariosOpen
Cyber Liability Coverage SynopsisOpen