Cyber insurance protects businesses from computer, network and internet based risks. The policy xxxxcovers both first and third party loss.
Every business that uses the Internet, accepts credit cards, or uses a system network needs cyber insurance. Customized PIA Cyber Coverage Summary Sheet (PIA members only)
Does your business accept credit card payments?
Does your business bank online?
Does your business use Facebook, Twitter, or LinkedIn?
Does your business store sensitive customer or employee data?
If you answered yes to any of those questions --
your client needs a cyber insurance policy!
YOUR CYBER EXPOSURE
HOW OUR CYBER INSURANCE POLICY RESPONDS
An employee is tricked into sending money to an imposter pretending to be a company manager, customer, or vendor.
xxReimburses you for the xxmoney lost from a social xxengineering scheme.
FUNDS TRANSFER FRAUD
A hacker breaks into your computer system and gains access to your online banking account. The hacker uses his access to request a funds transfer.
xxCovers the money lost but not xxreimbursed from a criminal xxfraudulently issuing xxinstructions to your bank to xxelectronically transfer funds.
An employee unknowingly opens a link in an email that contains a computer virus. The virus immediately begins encrypting files on your network. The criminals reach out to you demanding $5,000 in return for unlocking the company's files.
xxCovers the ransom in excess xxof the deductible to unlock xxyour files after consultation xxwith the Insurer.
A computer virus brings down your customer order system. It takes three days before technicians can get it up and running again.
xxReimburses lost profits and xxany extra expenses incurred xxwhile systems were down after xxan initial 8-hour down time xxthreshold.
A hacker gets past your security controls and breaches your network. Customer data records which included sensitive personally identifiable information were stolen. However, the extent of the breach and number of records implicated is undetermined without further security review.
Legal fees, security experts, PR consultants, notification costs, and identity theft protection for customers impacted by the breach;
PCI fines and penalties;
Defense and settlement costs for related lawsuits.
Your website was hit with a virus that flooded your network with 10 times the normal traffic, rendering your system inoperable. The virus was transmitted to several key customer websites, bringing their systems down as well.
xxCovers lawsuit brought by xxthose customers impacted by xxthe virus transmissions and xxcovers the cost to repair any xxdamage to your data files.
A customer posted a complaint on your Facebook page.
An employee posted a reply accusing the customer of lying.
xxCovers content related lawsuits xxfor defamatory and slanderous xxcomments made by your xxcompany on its social media xxaccounts.
In addition to the seven coverage parts provided under the PIA cyber insurance policy, PIA and ABAIS have worked with Great American Insurance Company to provide PIA agents with reduced rates compared to ABAIS’s standard program for social engineering coverage as well as the following policy enhancements:
Expanded definition of multimedia wrongful acts – unauthorized use of website links, frames, formats, fonts, style, characters, titles
Coverage for HIPAA fines
Extended notice of Data Compromise (data breach event) from 5 to 30 days
Extended notice of Claim from 60 to 90 days after the end of the Policy Period
Extended notice of Non-Renewal from 60 to 90 days in advance of the Policy Expiration