The standard commercial Property policy does NOT cover the following:
1.) Data is not considered tangible property; thus, no coverage to a “data” loss
2.) Loss of revenue due to virus or worm forced system shut down
3.) Loss of revenue due to denial of service due to server overload
The standard commercial General Liability policy does NOT cover the following:
1.) Federal regulations, fines and penalties
2.) Breach of Network Security and/or Release of Confidential Information (unintentional or otherwise)
3.) Trade or service mark infringement, intellectual property and patents suits
The standard commercial Crime policy does NOT cover the following:
1.) Data is not considered tangible property; thus, no coverage to “data” loss
2.) Virus, Worm or Trojan Horse damage
3.) Unauthorized access to sensitive data or denial of access
Cyber liability policies are designed to provide coverage for the “gaps” left by standard commercial P&C policies (only some of which are noted above).
Cyber liability policies are sculptured to the specific needs and exposures of the individual policy holder. Cyber coverage examples include:
1.) Fraudulent or malicious acts by both employees and outside parties resulting in “data” loss
2.) Computer virus, worm or “Trojan Horse” attacks
3.) Denial of service or access to system due to system overload
4.) Cost to mitigate a covered loss
5.) Alteration or destruction of electronic information (Data) or records
6.) Unauthorized access
7.) Infringement of Intellectual Property (copyright, trade market or service mark)
8.) Damage to a third party’s system
9.) Extortion
10.) Breach Notification for Personally Identifiable Information (PII) (now required in all states except Alabama, Kentucky, New Mexico and South Dakota)
Simple questions to evaluate your exposure to a Cyber Liability or Network Security loss:
A.) Do you have a web site? If yes,
1.) Is it interactive?
2.) Can your clients or other vendors purchase your service or products on-line?
3.) Do you have company “Blogs” or “Chat Rooms”?
4.) Is your website used to collect information from your clients or other vendor?
5.) Does your website link to other businesses or other websites?
B.) Does your company’s internal server store important or confidential information pertaining to your employees or customers?
C.) Does your company or any of your employees use laptops or PDA’s to gather or store employee or customer information?
Let us help you assess your exposure!
