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Why Cyber Liability Insurance?

Cyber Liability Insurance has become a necessity for every business regardless of industry due to the pervasive and growing use of computers. The 2018 Ponemon Institute Cost of Data Breach Study calculates the average cost of a compromised record is $148 and it took organizations 196 days, on average, to detect a data breach. The study goes on to report that the total cost of a breach ranges from $2.2 million for incidents with fewer than 10,000 compromised records to $6.9 million for incidents with more than 50,000 compromised records.

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Data Theft or Cyber Extortion Liability Claim

A U.S. based information technology company contracted with an overseas software vendor. The vendor left certain “administrator” defaults on the company’s server and a “hacker for hire” was paid $20,000 to exploit the vulnerability. The hacker demanded an extortion payment, otherwise he would post records of millions of registered users on a blog available for all to see. The extortion expenses and payments are expected to exceed $2,000,000.

Cyber Liability Claims Examples

While small businesses are increasingly at risk of a cyber attack, unfortunately, this is not the only threat. Here are some of the most common types of incidents resulting in a cyber or data breach claim:

  • Denial of Service Attacks
  • Cyber Extortion
  • Stolen Laptops
  • Disgruntled/Rogue Employees
  • Fake emails/Phishing attacks

Common Cyber Liability Insurance Coverages by Black Insurance Group:

First-party Protection:

  • Loss of Digital Assets Coverage
  • Non-physical Business Interruption and Extra Expense
  • Cyber Extortion
  • Cyber Terrorism
  • Security Event Costs

Third-party Coverage:

  • Network Security and Privacy Liability
  • Employee Privacy Liability
  • Electronic Media Liability

Black Insurance Group Cyber Liability Insurance Seal

Learn more about protecting your business with Black Insurance Group

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