Be cyber confident: CyberRisk Insurance

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:

• 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

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)