Cyber Insurance

Cyber Insurance

Solvitur Systems has partnered with Cysurance, LLC, a New York-based cyber insurance agency, to provide affordable coverage, underwritten by Chubb for the cyber risks that most impact local and regional businesses. This plan is designed primarily for growing small and medium-sized businesses. Enrollment can be completed relatively very quickly online.

A cyber insurance policy, also referred to as cyber risk insurance or cyber liability insurance coverage (CLIC), helps organizations mitigate risk exposure by offsetting costs involved with recovery after a cyber-related security breach or similar event. With its roots in errors and omissions (E&O) insurance, cyber insurance began growing very fast in 2005, with the total value of premiums expected to reach $7.5 billion by 2020.

Business case for cyber insurance

Any organization that stores and maintains customer information or collects online payment information, or uses the cloud, should consider adding cyber insurance to its budget. Also consider the proliferation of devices that now connect to business networks – there are simply too many more opportunities for bad actors to access an organization’s assets

Is your small business protected by cyber insurance? It should be

The expenses resulting from a data breach can be staggering. A cyber insurance policy can help you recover without putting your business at financial risk

What does cyber insurance typically cover?

Cyber insurance typically covers expenses related to first parties as well as claims by third parties. Although there is no standard for underwriting these policies, the following are common reimbursable expenses:

• Privacy and notification: This includes required data breach notifications to customers and other affected parties, which are mandated by law in many jurisdictions, and credit monitoring for customers whose information was or may have been breached.
• Lawsuits and extortion: This includes legal expenses associated with the release of confidential information and intellectual property, legal settlements and regulatory fines. This may also include the costs of cyber extortion, such as from ransomware.
• Investigation: A forensics investigation is necessary to determine what occurred, how to repair damage and how to prevent the same type of breach from occurring in the future. Investigations may involve the services of a third-party security firm, as well as the coordination with law enforcement and the FBI.
• Business Losses: A cyber insurance policy may include similar items that are covered by an errors & omissions policy (errors due to negligence and other reasons), as well as monetary losses by experienced by network downtime, business interruption, data loss recovery and costs involved in managing a crisis, which may involved repairing reputation damage.

Insurance offered by Cysurance, LLC. NY License #1578397. Chubb is the marketing name used to refer to subsidiaries of Chubb Limited providing insurance and related services. For a list of these subsidiaries, please visit http://www.chubb.com. Insurance provided by ACE American Insurance Company and its U.S. based Chubb underwriting company affiliates. All products may not be available in all states. This communication contains product summaries only. Coverage is subject to the language of the policies as actually issued. Nothing in this communication should be construed as involving the sale, solicitation or negotiation of insurance, the provision or offer of insurance services, or the provision or offer of legal advice or services