Data Breach Exposure Considerations: What to look for in your coverage

Do you have a specific “Data Breach”, “Cyber Security”, “Cyber Risk” or similarly titled policy endorsement to another existing policy?

Not all policy forms are equal, and certain limitations should be explored early on and compared to your exposure. 

  • What are the Data Breach limits of coverage? Are they per incident or per claim?
  •  What are the Data Breach limits of coverage? Are they per incident or per claim?
    •  What sub-limits apply?
    •  Are defense costs unlimited or included in the limits of liability?
  •  Does your policy provide for third-party(liability to others) and first-party coverage?
    • I.E., the policy provides protection to the insured for liability to others and reimbursement for expenses incurred responding to the breach?
  • Does your policy provide first-party coverage for computer program and electronic data restoration expenses?
  • Does your policy provide coverage for security breach remediation and notification expenses, including:
    • Management of breach response by legal counsel
    • Legally sufficient notification to impacted persons
    • Credit monitoring service/coverage to impacted persons
    • Computer forensics
    • Fines and penalties
    • Reimbursement for public relations services

 

Joe Cox