Cyber Suite Spotlight: A Benefits Overview
In this day and age, organizations depend on computers, networks and electronic data to complete essential tasks. The use of and reliance on these tools present dangerous cyber risks, such as hacking and data breaches, which can lead to expensive damages.
Cybercrime is the fastest growing crime in the United States, and it’s increasing in complexity and cost. In 2019, cybercrime cost businesses over $2 trillion, and by 2021, it is estimated to cost the world $6 trillion annually.
To help better protect our policyholders from these ever-increasing cyber exposures, we have arranged with Hartford Steam Boiler to provide Cyber Suite Coverage — a comprehensive, claims-made, cyber insurance solution designed to respond to breaches of personal information, threats of unauthorized intrusion into or inference with computer systems, damage to data and systems from computer attacks, and cyber-related litigation.
Cyber Suite provides nine* coverages bundled into one form, offering protection from the potential E&O exposure that comes with having to choose which individual cyber coverages to include on an insured’s policy. Coverages for Commercial Package Policies include:
- Data Compromise Response Expenses
- Computer Attack
- Cyber Extortion
- Identity Recovery
- Misdirected Payment Fraud
- Computer Fraud
- Data Compromise Liability
- Network Security Liability
- Electronic Media Liability
Cyber Suite offers numerous advantages, including Cyber Extortion for no additional premium, and liability limits of up to $1M - two features that are not readily available in the marketplace today. Visit our other Cyber Suite Spotlight blog posts to learn about additional features and selling points of each of the nine coverages.
We are excited to provide this state-of-the-art cyber product to our policyholders, and look forward to sharing the benefits with you! For more information, contact your GuideOne Sales Director or Marketing Representative, or visit the Cyber Suite Resources page of GuideLink.
*Cyber Suite for Business Owner’s Policies includes six coverages. Misdirected Payment Fraud, Computer Fraud, and Electronic Media Liability are exclusive to the CPP version of Cyber Suite.
Read the series: Computer Attack, Computer Fraud & Misdirected Payment Fraud, Cyber Extortion, Data Compromise Response Expenses & Liability Coverages, Electronic Media Liability, eRiskHub Service, Identity Recovery, Network Security Liability
© 2021 The GuideOne Center for Risk Management, LLC. All rights reserved. This material is for informational purposes only. It is not intended to give specific legal or risk management advice, nor are any suggested checklists or action plans intended to include or address all possible risk management exposures or solutions. You are encouraged to retain your own expert consultants and legal advisors in order to develop a risk management plan specific to your own activities.