Cyber Policies
On the liability side, there are a variety of insurers and underwriters offering products, which vary significantly in coverage, definitions, exclusions, and terms and conditions. The better cyber liability products address:
Security Liability:
- Covers liability and defense costs for claims arising out of breaches of security including identity theft, negligence, etc.
- Includes transmission of computer viruses and denial of service attacks.
- Covers the costs associated with notifying consumers of a breach, including credit monitoring and crisis management (typically a sublimit).
- Covers physical records as well as electronic data.
- Includes breaches of security involving employee information, as well as third parties.
- Civil suits and sublimit for regulatory defense/indemnity for payment of civil fines and penalties.
Privacy Liability:
Similar to security liability but covering collection, use, access, etc. of personally identifiable information.
- Direct liability, as well as contractual liability for violation of privacy policy.
- Civil suits and sublimit for regulatory defense/indemnity for payment of fines and penalties.
Lockton Service
Service starts with listening. We take the time to understand your specific goals, design a program that fits your needs, aggressively negotiate coverage, and implement a service plan. You will have the same dedicated service team throughout the entire process which allows us to anticipate your needs and create accountability.
It’s all about you. As a private, family-owned company, all our Associates focus solely on you, our client, rather than public shareholders.
Long-term thinking. Clients stay with us based on our expertise, creative solutions, seamless global resources and outstanding service. Our client retention rate of 95 percent reiterates our commitment to each and every client.