cyber risk insurance

Traditional liability and property insurance products have not kept pace with the development of Cyber Risk Exposures, so specialty insurers have responded with insurance products called Cyber Risk Insurance.  These Cyber Risk Insurance policies vary, but typically are a package of coverages incorporating both first party and third party coverage parts.  Not only is the Cyber Risk insurance segment new, it is rapidly changing.  Coverage terms, underwriting criteria and pricing are changing at a fast pace.

Cyber Risk Insurance is designed to provide protection from exposures arising from confidential data and the use of technology.  Part of the risk arises from confidential data in both electronic and paper form, such as the personal information of customers and employees.  Additional protection is provided for damage to or destruction of data or systems from virus or hacking, or for theft of private information or money. 

The obvious and primary exposure is data breach, an unintended loss, release or theft of data, and Cyber Risk Insurance policies are designed to cover some level of direct costs associated with a breach, plus legal expenses and settlements if a lawsuit ensures.  Other covered exposures are liability from data breaches, regulatory costs and penalties, media liability, damage or destruction of corporate data and systems, and theft of money.  However, coverage forms are not consistent between insurers, and not all policies provide the same coverage.

Some customers may think that their Cyber Risk exposures are covered within their CGL.  Cyber Risk coverage is not typically provided in standard policies.  In some cases Cyber Risk coverage is added as an endorsement to standard policies, but typically the limit is not adequate and the coverage is not as comprehensive as a standalone policy.  Cyber Risk Insurance coverage needs go much further than what may be included within a CGL and typically include both first and third party Cyber Risk coverages. 

We have a unique approach for providing comprehensive and competitive Cyber Risk Insurance to you for your clients.  To find out how, and for additional information, sales collateral, applications and indication forms, and for expert assistance with Cyber Risk Insurance, please contact us.

Tennant Risk Services is a wholesale broker and underwriting manager providing professional liability insurance.  We offer a broad portfolio of Cyber Risk Insurance, Technology E&O and other Professional Liability products customized to meet the specific needs of your clients.  We will provide you with the experience, expertise and market access that you need and expect so you can successfully meet your clients’ insurance needs.

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Tennant Risk Services
124 LaSalle Road
West Hartford, CT 06107
Phone: (860) 519-1301
Fax: (860) 216-5845

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