Cyber Liability Insurance

Liability to Others (Third Party) Coverage:

• Network Security Liability provides coverage for errors, omissions, acts, negligence, or breaches of duty that have been allegedly or actually committed by an insured party that results in the transmission of a “computer virus” to a third party by a “computer system.”
• Privacy Liability covers acts, errors, omissions, negligence, or breaches of duty that have been allegedly or actually committed by the insured party and results in a breach of privacy.
• Electronic Media Liability provides coverage for the actual or alleged infringement of copyrights, slogans or service marks, trademarks, and trade dresses; plagiarism; libel and slander; and privacy rights violations by the insured party on the Named Insured’s website.
• Funds Transfer Fraud Liability covers actual or alleged errors, breaches of duty, acts, omissions, and negligence of the insured party that results in deliberate, unauthorized, and falsified instruction electronically transmitted to a financial institution for the withdrawal of funds from an account and to transfer, pay, or deliver money or securities from such account under the false use of the insured party’s identity without the knowledge or consent of the Named Insured.

Losses Incurred by the Named Insured (Privacy Breach Expenses):

• Associated fees, costs, or expenses to determine the individuals whose “personally identifiable information” is compromised.
• Costs of notification and other costs, fees, or expenses incurred in order to comply with “breach notification laws.”
• Expenditures associated with establishing and maintaining a call center dedicated to the use of those parties whose privacy is breached.
• Costs arising from the provision of credit monitoring services to individuals whose “personally identifiable information” is unlawfully accessed or acquired.