Cyber Coverages

When a cyber incident hits, the costs can quickly spiral. Our Full Spectrum Cyber solution incorporates market-leading coverages that add a valuable layer of financial protection and mitigate potential losses against digital risks.

Designed to help get businesses back up and running as soon as possible when they’ve suffered a cyber incident, these 4 pillars of coverages are available for our small, medium and large sized cyber clients:

Breach Response | First party | Third Party | eCrime

Breach response costs: 
Coverages for expenses of breach response services due to an actual or suspected data or security breach.

• Legal services: Access to necessary legal advice to help evaluate the obligations on breach notice laws.
• Computer forensic services: A computer security expert’s evaluation to determine the existence, cause and scope of an actual or suspected data breach.
• Notification services: Notification to the individuals whose personally identifiable information has been impacted by a data breach.
• Call center services: Costs to provide a call center support that responds to numerous customer inquiries about a data breach.
• Credit monitoring, identity monitoring or other personal fraud or loss prevention solutions: Costs for relevant credit and identity monitoring services and support for individuals whose personally identifiable information has been obtained.
• Public relations and crisis management expenses: Costs to help mitigate any PR or media harm.

First-party: 
These coverages offer financial protection against the direct costs associated with a cyber incident, breach or system failure.

• Business interruption and Dependent Business interruption loss from security breach or system failure: Loss of income caused by a security breach or system failure including those from a 3rd party supplier.
• Cyber extortion loss: Cyber extortion costs to access stolen sensitive data.
• Data recovery loss: Costs to recover data lost as a direct result of a security breach.

Third-party: 
These coverages protect against claims made by customers, partners, or other third parties that are affected by a cyber incident.

• Full media liability: Costs for damages and claims expenses such as infringement and defamation.
• Regulatory defence and penalties: Penalties and claims expenses, due to a regulatory proceeding from a data or a security breach.
• Payment card liability and costs: Fines, expenses and costs for any compromises of payment card data.
• Data and network liability: Damages and claims expenses, for failure to timely disclose a data or security breach; or failure to comply relevant parts of a privacy policy.

eCrime: 
These coverages protect against direct financial loss of funds due to fraudulent instruction or funds transfer fraud.

• Fraudulent instruction: The transfer, payment or delivery of money or securities as a result of fraudulent instructions that mislead or misrepresent.
• Funds transfer: Loss of money or securities as a result in fraudulent instructions between one bank (or financial institution) and another.  
• Telephone fraud: A loss made by a cybercriminal accessing a client’s telephone system and organising a fraudulent transfer through the phone call.
• Criminal reward: Funds for a criminal reward for any information provided that leads to the conviction or arrest.
  

Cyber risk insurance varies widely in what's included. Some policies cover only specific types of cyber events and may include sub-limits for certain incidents. 

What makes our policy different

Full Spectrum Cyber incorporates our flagship, Beazley Breach Response (BBR) wordings. Here’s how it compares to the average cyber policy. Clients need more than the main aggregate to get back in the game after a cyber incident; our product offers more coverage per dollar of premium through multiple towers of coverage.