How can USI help our firm ensure that we are adequately protected against financial liabilities associated with Cyber crime exposures?
Cyber and Privacy Liability Insurance is a critical part of any organization’s risk management strategy. With no uniformity in coverage terms or conditions in the market, companies must craft their Cyber liability program with the aid of knowledgeable, experienced experts who can negotiate market-leading insurance terms and conditions. USI has the solution: PrivaSafe.
USI’s Exclusive PrivaSafe Program can prevent uninsured/underinsured losses up to $10 million.
- Up to $2 million in notification costs coverage in addition to the aggregate limit (outside the policy limit)
- $250,000 in defense cost coverage outside the limit (additional limit available)
- Full-limit regulatory defense and penalty cover
Standard, “off-the-shelf” Cyber liability policies often have inherent coverage gaps and weaknesses that can lead to uninsured losses and expenses. Cyber events are occurring more and more frequently every year. No industry or type of business is immune to the risk, and middle market firms are particularly vulnerable, having limited access to the expertise needed to deal effectively with a Cyber event.
USI’s customized, manuscripted PrivaSafe solution offers broader coverage than the marketplace typically provides for cyber events, and our advisory approach focuses on risk controls to help your company avoid cyber-related losses and an appropriate risk financing structure to help control costs. It includes pre-breach services to help organizations avoid threats, as well as post-breach services designed to streamline responses and recovery during and after a cyber event.
Cyber events can impact companies no matter what industry they operate in. Any business that gathers and stores personally identifiable information and/or personal health care information, manages a network, or accepts electronic payments is a potential target for Cyber crime, the consequences of which can be prolonged and deeply harmful.
I’d like to explore further how USI’s PrivaSafe program can help our company protect ourselves against the financial consequences of a cyber crime event.
To conduct a thorough review of your company’s cyber exposures, USI will need some basic information, including any current cyber policies in place, an assessment of your largest financial and operational vulnerabilities to cyber threats, and your most recent audited financials.