Cyber Liability Insurance
Any organization that uses technology to do business faces cyber risk. This risk is an exposure that no modern business can escape with financial impacts, privacy abuse and now cyber crime events are felt within all industries.
With solutions designed for businesses of all sizes, our cyber products provide cutting-edge, innovative cover to protect against the emerging threats of this modern age. As technology becomes more complex and sophisticated, so do the threats we face – which is why every business and organization needs to be prepared with cyber liability insurance.
At Miami Insurance Brokers, we understand the specific needs of this complexity of cyber threats and have cyber liability insurance solutions to help protect your business assets.
Who's Cyber Insurance For?
Most businesses including – but not limited to – healthcare providers, retailers, educational facilities, professional services firms, public entities, energy companies, transportation and logistics companies and financial services providers.
What Does It Cover?
Cyber incident response costs (including IT forensics, legal, breach notification and crisis communications)
Cyber crime (including social engineering, and theft of personal funds)
System business interruption
Cyber and privacy liability
Management liability (arising from a cyber attack)
What Does It Cover?
Technology errors and omissions
Costs in addition - First dollar defence
Each and every claim limit:
By providing cover on an each and every claim basis, we ensure that our policyholders aren’t restricted by a policy aggregate and that the full benefits of cover are available each time a crisis strikes, even if they experience multiple cyber incidents in the same policy period.
Separate limit with NIL deductible for incident response costs:
Incident response costs We provide a separate, full, additional limit to manage incident response costs, including forensic investigation costs and breach notification, in order to protect the main policy limit to pay for subsequent costs to handle potential litigation or regulatory actions. And because we want to encourage swift engagement, we offer initial response services with no deductible.
Historically, there has been confusion as to whether a cyber or management liability policy should pay in the event of a suit being made against the directors and officers due to a cyber attack. We aim to remove that confusion by providing affirmative cover for liability against senior executive officers in the event that the management liability policy doesn’t respond.
Comprehensive computer crime covers:
We provide comprehensive crime cover for a wide variety of third party electronic crimes involving the theft of money and fraud, including phishing scams, electronic wire transfer fraud, telephone hacking and social engineering. Our policy also covers the personal assets of SEOs in the event that their electronic funds or identities are stolen.
System repair costs:
On top of standard data repair and reconstitution, we provide a full limit for costs associated with reconfiguring and rebuilding systems and networks after a system failure or corruption following a cyber attack, including staff overtime costs and external specialist consultants.
Full retroactive cover:
Cyber attacks are often discovered long after they first occur. Our policy is one of the very few to offer full cover for events that occur prior to the first inception date of the policy, aligning cover with the point when the breach was first discovered, rather than when it first occurred.