What is Cyber Liability Insurance?
Cybercrime against businesses is on the rise and the nature of the crimes are becoming more complex. Computer viruses, spyware, hacking, phishing and denial of computer services are a few ways criminals attack. As larger companies strengthen their defenses, cyber criminals turn their focus to smaller companies which are easier targets.
What does Cyber Liability Insurance cover?
A standard commercial insurance policy does not include coverage for losses associated with a cyber attack. GNY offers CyberOne™ cyber liability insurance to help businesses recover from a cyber attack. CyberOne™ helps pay for:
- Data restoration
- Data recreation
- System restoration
- Loss of business
- Public relations services
In the case of a network security liability suit, the coverage provides for defense costs, as well as settlement and judgment costs subject to policy limits.
This is an abbreviated identification of available coverages. Please refer to the insurance policies themselves for a complete description of the coverages, limits, terms, conditions, and exclusions.
Not all products are available in all states and not all products are available in all multi-peril packages offered by GNY Insurance Companies. Please consult with your GNY affiliated broker for further information.
eRisk Hub® Risk Management Portal
A free service for GNY policyholders
Access to the eRisk Hub® portal is available to policyholders who have CyberOne™ coverage as part of their insurance program.
The portal offers a number of key features, including:
- Incident Response Plan Roadmap
- Online training modules for security best practices
- Cyber risk assessments and management tools
- Listing of external resources with expertise in cyber security disciplines
Click here to learn more and register for eRiskHub.
Contact your GNY affiliated broker to assess your business risk and determine if Cyber Liability insurance is needed.