Cyber attacks and high profile data breaches have grown in frequency, and loss costs are on the rise. Rapidly evolving technology and the increasing complexity of the cyber threats is disrupting business models across the commercial real estate industry and pose a serious threat to the financial stability of many organizations. We understand the complexity of cyber threats to commercial real estate industry and customize each cyber liability insurance policy to help protect your business assets. CRIO provides both first party and third party coverages.
Cyber liability coverages include:
- Information Security & Privacy Liability: Provides third party coverage for theft, loss or unauthorized disclosure of Personally Identifiable Information (PII) or Third Party Information that is in the care, custody or control of the Insured or a third party.
- Multimedia Liability & Advertising Injury: Provides third party coverage for actions that the Insured is legally obligated to pay. This includes defamation, intellectual property rights infringement, invasion of privacy and media content including user generated content.
- Regulatory Proceeding: Provides third party coverage for actions, proceedings and investigations against the Insured by a regulatory agency resulting from a violation of a Privacy Law. Coverage also extends to fines and penalties where insurable by law.
- Legal Services/Breach Coach: Provides first party coverage to determine the applicability of and action necessary for the Insured to comply with Breach Notice Laws due to an actual or suspected theft, loss or unauthorized disclosure of PII.
- Computer Forensic Services: Provides first party coverage for costs and expenses to hire a computer security expert to determine the existence and cause of an actual or suspected electronic data breach.
- Notification Expenses: Provides coverage for costs and expenses associated with the notification to individuals whose Personal Identifiable Information or Protected Health Information has been breached pursuant to federal, state, or foreign Breach Notification Laws.
- Credit Monitoring Coverage: Provides first party coverage for costs and expenses incurred by the Insured to offer credit monitoring services to parties impacted by a Privacy Breach. Costs also include identity monitoring and other solutions needed.
- Crisis Management Expenses: Provides first party coverage for costs and expenses incurred by the Insured for a public relations firm, law firm, or other expenses to by the Insured to communicate with the general public in order to mitigate reputational damage.
- Call Center Services: Provides first party coverage for costs for setting up a call center to answers calls following notification of a breach. Call center employees will answer questions about the incident from affected individuals and will provide them information required by applicable law or regulation.
- PCI Fines & Penalties: Provides coverage for fines and penalties from a card association or acquiring bank demanding monetary assessment due to the insured’s noncompliance with PCI Data Security Standards.
- Cyber Business Interruption: Provides first party coverage for the Loss of Income and extra expenses incurred to reduce Loss of Income, minimize the duration of a Network Interruption, Forensic Expenses, Loss of Data due to a Network Attack/Denial of Service Attack.
- Data Protection Loss: Provides first party coverage for the reasonable and necessary costs and expenses to regain access to, replace, restore or recollect Data Assets.
- Dependent Business Interruption: Provides first party coverage for the Income Loss and Extra Expense incurred by the insured as a direct result of a dependent business’s failure of computer security to prevent a security breach of computer systems.