Cyber claims and attacks are escalating in unprecedented frequency and intensity and pose a growing threat to the business community. The spectrum of cyber threats vary from the theft of customer account information, to attacks meant to disable a company’s computer network and website. Today, more than ever businesses need greater financial protection from cyber liability exposures.
CYBER PROTECTION PACKAGE (Digital Crime, Breach Liability & Breach Rectification)
Common Terms & Definitions:
Cyber Extortion Threat: Any credible threat or series of related threats directed at the Insured to: (i) release, divulge, disseminate, destroy or use the confidential information of a third party taken from the Insured as a result of the unauthorized access to or unauthorized use of the Insured’s Computer System; or (ii) cause a failure of Network Security.
Deceptive Transfer Fraud: Loss of Funds resulting directly from Your having transferred, paid or delivered any Funds from Your Account as the direct result of an intentional misleading of Your employee, through a misrepresentation of a material fact (“Deceptive Transfer”) which is:
Fraudulent Electronic Instruction: An instruction which purports to have been electronically transmitted, submitted, or approved by You, but which was in fact fraudulently transmitted, submitted or approved by someone else without Your knowledge or consent.
Telephone Toll Fraud: Voice telephone long-distance toll calls which were incurred due to the fraudulent use or fraudulent manipulation of an Account Code or System Password required to obtain access to a Voice Computer System owned or leased by You, installed on Your premises, whose System Administration is performed and controlled by You (“Telephone Toll Fraud”).
Business Interruption: Includes disaster recovery or computer forensic investigation efforts, incurred by You during the Period of Restoration resulting directly from a Claim reported to You which occurs during the Policy Period.
Internet Media: Electronic publishing, dissemination, releasing, gathering, transmission, production, webcasting, or other distribution of (1) Internet Content on the Internet on Your behalf or by You; or (2) Social Media Content on a Social Media Website but only if distributed by or on behalf of You.
Note: Coverage includes
Please be advised that the above titles, headings, definitions, terms and descriptions are for illustrative purposes only and are not a contract. Please refer to the actual policy and all endorsements for a complete description of coverage as certain Conditions & Exclusions apply.
Submission Requirements for NY, NJ, CT, and PA: