Cybersecurity insurance is designed to mitigate losses from a variety of cyber incidents, including data breaches, business interruption, and network damage. Traditional commercial general liability and property insurance policies typically exclude cyber risks from their terms, leading to the emergence of cybersecurity insurance as a “stand alone” line of coverage. That coverage provides protection against a wide range of cyber incident losses that businesses may suffer directly or cause to others, including costs arising from data destruction and/or theft, extortion demands, hacking, denial of service attacks, crisis management activity related to data breaches, and legal claims for defamation, fraud, and privacy violations. When a security breach happens, you’ll need comprehensive protection from an insurer that specializes in handling cyber risks, offers a full suite of integrated insurance solutions to help minimize gaps in coverage, and understands how to tailor coverage to your business.
CyberSecurity by OIS is a flexible insurance solution designed by cyber risk experts to address the full breadth of risks associated with doing business in today’s technology-dependent world. CyberSecurity by OIS:
- Combines third-party (cyber liability) and first-party (cyber crime expense) coverages into one worldwide policy.
- Covers direct loss, legal liability, and consequential loss resulting from cyber security breaches.
- Is designed to easily integrate with your existing insurance program and provides options for enhancing your cyber coverage based on your needs.
- Provides you with a complete online network security risk assessment, resulting in a comprehensive report of your company’s exposures.
PRIVACY & NETWORK PROTECTION COVERAGE
Limits up to $50m (additional limits could be built above this policy).
Business Income Loss – Business income losses associated with the interruption of the business as a result of an incident.
Dependent Business Income Loss Coverage – Covers business income losses arising from an incident experienced by a business whom you depend on for services/product.
Digital Asset Restoration Costs – Coverage for costs associated with restoring digital assets (not hardware) damaged or compromised as a result of a security incident.
Cyber Extortion Threat Coverage – Coverage for costs associated with evaluating and responding to a credible threat to damage, destroy or interrupt your computer systems.
PRIVACY PROTECTION COVERAGE
Limits up to $50m (additional limits could be built above this policy). Coverage under this policy includes:
Privacy Liability Coverage including Employee Privacy – Coverage in the event the organization or anyone they are responsible for causes damages or incurs costs arising from a privacy breach.
Privacy Regulatory Claims – Coverage for loss arising from investigations or adjudications that result in regulatory fines, claims expenses and consumer claims.
Security Breach Response – Coverage for costs incurred for crisis management and breach response costs as the result of a breach. Includes notification, forensic, public relations and legal fees.
Security Liability – Coverage for claims expenses or damages arising from the organization’s act, error or omission in the operation of the organizations own systems that results in customer records or information being compromised, or malicious code being transmitted, or Denial of Service attacks caused by you that occur against third party systems or internet sites.
Multimedia Liability (if required) – Coverage for an organizations liability arising from advertising and intellectual property risks associated with the use of their computer system.
The amount of coverage your business or organization needs depends on your level of risk. Find the cybersecurity insurance that’s right for your organization by contacting Olieh Industrial Solutions.