Get Cyber Ready: CyberRisk Insurance
First, you have to know what’s coming. Make sure they’re covered and prepared for every stage of an incident – before, during, and after.
The world of cyber risk is constantly evolving. So we have made a number of enhancements to our product to further help businesses of all shapes and sizes prepare for and overcome the ever-increasing cyber challenges.
Ready, Set, Go - New CyberRisk
Betterment |
Costs to improve a computer system after a security breach, when the recommended improvements eliminate vulnerabilities that could lead to a similar breach. |
Social Engineering Fraud |
Loss of money or securities due to fraudulent instructions committed by someone purporting to be the Insured’s employee, client, or vendor |
Vendor or Client Payment Fraud |
Covers lost products or funds owed to the Insured where, due to a security breach, the insured’s client or vendor is duped into sending money or products to a fraudster rather than the rightful recipient |
Business Interruption |
Additional coverage triggers of system failure or voluntary shutdown of a computer system |
Reputation Harm |
Lost business income that occurs as a result of damage to a business’ reputation when an actual or potential cyber event becomes public |
Accounting Costs |
Fees or costs of a forensic accounting firm to calculate Income Loss, even if this shows there has been none |
Extra Expenses |
Now includes replacement of Non-Functional Equipment (often referred to as ‘Bricking’ coverage) |
Breach Response cover |
Nil Excess applies when notification of a first party event is provided within 72 hours of discovery (for insureds with a turnover below 50million) |
Liability cover |
Now automatically extended to include Independent Contractors and Additional Insureds (third parties the Insured agrees to name) |
Money definition |
Includes virtual currency |
Policy wording |
Simplified layout with all insuring clauses under an individual section now grouped together |
Symantec Risk Management |
Enhanced suite of risk management materials available to all CyberRisk Insureds, including:
|
Insuring Clause |
Old sub-limit |
New sub-limit |
Computer Fraud |
25,000 |
100,000 |
Telecom Fraud |
25,000 |
100,000 |
Fraudulent Impersonation (formerly Funds Transfer Fraud) |
25,000 |
100,000 or 10% of policy aggregate, whichever is less |
Dependent Business Interruption |
10,000 |
100,000 or 10% of policy aggregate, whichever is less |
Payment Card Expenses (PCI) |
50% of policy limit |
100% of policy limit |
Damage to Computer System |
10,000 |
100% of policy limit (now included under Extra Expense) |
Other limits may be available upon request
Partnering with Experts
Symantec
By working with a leading provider of cyber security, Travelers now offers pre-breach services through Symantec, in addition to the cyber coverage and post-breach services that are already provided to customers.
Net Diligence®
We have a dedicated eRisk hub for our insureds and brokers provided through NetDiligence®, a privately-held cyber risk assessment and data breach services company.
Since 2001, NetDiligence has conducted thousands of enterprise-level cyber risk assessments for a broad variety of organizations, including public entities, financial services, retailers, software developers, medical providers and universities. NetDiligence services are used by leading cyber liability insurers in the U.S. and U.K. to support both loss-control and education objectives.
Quick Links for Brokers:
- Request more information from our Cyber Experts
- Our Cyber Appetite
- Cyber Factsheet
- Broker sales pack
- CyberRisk Overview [ebook]
- MyTravelers
- Sample Wording
Insights:
Customers
If looking for insurance, contact your insurance broker and ask for Travelers.
Find a broker
Brokers
If you’re interested in receiving a quotation or would like to learn more about our capabilities, request a call back from our Cyber Experts below.
Contact us
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