Cyber Overview

In our increasingly online and digital world, every company has a potential “cyber risk.” It is a term used frequently and a topic of the daily news cycle. Cyber risk represents two major perils: network security failure and privacy incident, which simply means an organization’s failure to protect its computer systems or private information or both. A network security failure or a privacy incident can be totally intertwined or mutually exclusive. If either of these incidents occur there can be various losses your organization can suffer.

Starr’s Cyber Risk Response policy addresses many of the common repercussions organizations face as a result of cyber risk perils. We provide protection for losses with a comprehensive policy form that is designed to pay for various expenses sustained by your organization from an actual or suspected network security failure or privacy incident.

In addition, the policy will also provide defense costs and pay for damages that arise from legal liability stemming from these types of incidents.

Target Risks:

  • Commercial enterprises including public, private and nonprofit entities

Coverages Available:

  • Incident Response Expenses – Pay the expenses sustained by your organization to:
    • contain a network security failure or privacy incident
    • attain legal counsel, forensic investigators and public relations professionals to help determine your responsibilities
    • notify affected people and provide identity theft assistance.
  • Security & Privacy Liability – Pay to defend you in the event of:
  • Business Interruption – Reimburse the loss of income for interruption or suspension of business
  • Data Recovery – Reimburse the costs to restore, recreate or re-collect lost electronic data
  • Cyber Extortion – Reimburse payouts made in exchange for eliminating a threat or demand made against your organization’s computer system or private information

Additional Coverages Available:

  • Media Content Liability – Pay to defend in the case of liability arising from alleged trademark infringement, copyright infringement, defamation, false light, product disparagement and other types of content related issues
  • PCI-DSS Assessment Coverage – Pay for loss arising from claims for non-compliance with PCI Data Security Standards
  • Contingent Business Partner – Reimburse for loss of income after a material business interruption caused by a security failure of any entity that you depend on to conduct business other than a Third Party Computer System Provider
  • System Failure Coverage – Expands the cause of a material interruption to include through other unintentional failures
  • Cyber Crime – Reimbursement for the loss of the organization’s funds sustained from a fraudulent impersonation
  • Contingent Bodily Injury/Property Damage – Provides contingent coverage in the event that a network security failure or privacy incident result in physical injury or property damage

Limits

  • Up to $25,000,000 - primary or excess limits
  • Shared or separate limits availability

Deductibles

  • Minimum $5,000

Highlights:

  • Adaptable coverage for a client’s growing business, including manuscript endorsements
  • Responds on a discovery basis
  • No Retroactive Date
  • Coverage for third party computer services providers and information handlers
  • Knowledge limited to executive officers
  • Rogue employee carve-back
  • Cyber Terrorism Coverage
  • Contingent Business Income Loss
  • Cyber Extortion includes threats and demands; also contemplates intangible property of value
  • Coverage for regulations requiring protocols to protect computer systems
  • Other Insurance Clause options – primary or excess to other insurance policies

Risk Management Services

    Starr eRisk Hub® Highlights:

  • Free Breach Coach®, legal consultation with a pre-qualified attorney following an incident
  • Incident Roadmap to assist in planning a network or data breach incident response
  • Access to pre-qualified industry experts in pre-breach and post-breach disciplines
  • Risk management tools, including policies and procedures, training, cyber-risk assessments, loss calculator, breach notification guides and research tools
  • Access to news on major breach events, best practices articles, white papers, webinar training events, risk management events, and security and privacy blogs