Be cyber confident: CyberRisk Insurance

With access to helpful tools, the advice of expert underwriters and a streamlined quoting journey, Travelers offers class-leading support to sell cyber insurance more effectively to your SME clients. Partnering with us gives you the confidence to support their business and advance your reputation before, during and after a cyber event.

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.

New CyberRisk

New Coverage

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)

Proposition Enhancements

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: Cyber resiliency assessment, followed by access to Symantec Security Coach Helpline to discuss results and how to best improve the Insured’s cyber security Symantec Cyber Security Awareness Training, provided via Symantec’s cloud-based learning management system Symantec Service Discounts

Increased Limits

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)