Cyber Liability insurance responds to damages to others that arise from the failure of you or your organization to protect and keep information and/or data that is in your possession private and accessible only by those to whom authorization has been given to view or to interact with that private information.
Why should you secure Cyber Liability coverage? Consider all the costs:
“No one’s interested in a little company like mine”
“My operational expenses are already very high in other areas; why should I allocate resources to protect against Cyber Liability?”
Network Security Liability
Provides liability coverage if an Insured’s Computer System fails to prevent a Security Breach or a Privacy Breach.
Provides liability coverage if an Insured fails to protect electronic or non‐electronic information in their care custody and control
Covers the Insured for Intellectual Property and Personal Injury perils the result from an error or omission in content (coverage for Patent and Trade Secrets are generally not provided)
Coverage for lawsuits or investigations by Federal, State, or Foreign regulators relating to Privacy Laws
First‐party expenses to recover data damaged on an Insured Computer System as a result of a Failure of Security.
First‐party expenses for lost income from an interruption to an Insured Computer System as a result of a Failure of Security.
Payments made to a party threatening to attack an Insured’s Computer System in order to avert a cyber attack
Technology Services/Products & Professional Errors & Omission Liability Technology
Products & Services and Miscellaneous E&O can be added to a policy when applicable
Moody Insurance Worldwide has teamed with some of the largest, most-respected insurers to tailor the right protection for our clients’ needs. We are a trusted partner for businesses of all types, developing and implementing insurance programs for almost half a century.
Our programs contemplate the unique exposures of each organization, providing customized coverages based on the services you provide and your company structure while addressing your stated insurance protection objectives.
Moody will structure an insurance portfolio that properly protects you from the claims that threaten to redirect important financial and personnel resources and many even cripple your company. Choose an experienced partner to help you secure this vital protection.
A retailer is contracted with a third-party service provider. Multiple laptops belonging to the service provider are stolen containing the data of over 800,000 of the retailer’s clients. Under applicable notiﬁcation laws, it is the responsibility of the retailer, not the service provider, to alert the aﬀected clients. The total expenses were for proper notiﬁcation of the retailer’s clientele and for crisis management.
A domestic company partnered with an international software vendor. The contracted vendor left universal administrator defaults on the company’s server. A hacker was paid a fee to exploit the company’s vulnerability resulting in monetary demands or the records of the registered users would be made public. The expenses were to cover the extortion expenses and extortion monies.
A computer hacker released a computer worm directing infected computers to launch a denial of service attack against a regional company. The infection resulted in an 18 hour shut down of the company’s computer systems. The fees were to repair and restore their system as well as for business interruption expenses incurred.