Cyber Insurance Coverage Terms Explained
Cyber insurance coverage is important for financial, technology, information and knowledge based companies that own rights to valuable intangible assets, such as sensitive data, software and intellectual property to consider as part of their overall risk management and insurance program. Cyber insurance coverage is designed to protect against the significant risk of economic loss related to intellectual property, network liability, privacy breach and network and cyber property security.
Typical Cyber Insurance Coverage Terms Include:
Cyber Insurance Coverage
A cyber insurance coverage policy is used to insure against risks from cyber attacks, data breaches and other basic risks that result from using electronic communications and data storage.
Cyber Breach Notification Laws
Federal and provincial laws dictate the requirements for notification if an organization were to suffer a data breach that compromised personal data, such as Social insurance numbers and financial and health information. Laws vary on the time period that individuals need to be notified of the breach and what situations are exempt from the requirement. It should be noted that many states in the U.S. have mandatory notification and security breach requirements.
Cyber Insurance Coverage For Cyber Property
The intangible property your company owns. This can include websites, data and networks. These intangible assets can all be damaged or stolen. To protect your cyber property you may need to broaden the property enhancements and review the exclusions on your existing Cyber Insurance Coverage policy.
Cyber Insurance Coverage Concerning E&O
Technology Errors & Omissions (E&O) coverage protects against claims by a client that suffered a loss due to mistakes by your company. These mistakes must be due to error or oversight in a product such as a software program or web service.
Cyber Insurance Coverage Concerning Media And Intellectual Property Liability
All content on the internet is considered to be published, meaning it is subject to copyrights and infringement. Negative content about a person or company can be considered libelous. Your standard Commercial General Liability likely provides coverage for libel and slander, but excludes it if is related to online content and should be reviewed carefully.
An ALIGNED Advocate can provide expert guidance about cyber insurance coverage as well as risk management best practices for your organization. Talk to one of our advocates today about how we can help you secure the best products, services and insurance solutions for your business.
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