What is cyber security insurance?
Cyber security insurance protects your business and clients against cyber threats. At Co-operators, we offer two packages: Cyber Guard and Cyber Guard Select. Cyber Guard comes standard with every business insurance policy. It provides a base level of protection if your confidential data is compromised. Cyber Guard Select is our holistic package that offers more protection, higher limits and flexible add-ons. It provides enhanced security for your specific business needs.
Summary of our packages
| Coverage type | Standard package Cyber Guard (combined limit of $25,000) |
Enhanced package Cyber Guard Select |
|---|---|---|
| Privacy Breach Expenses Protects against unexpected expenses and costs of complying with privacy laws if your business loses personal information. There are no deductibles on privacy breach claims. |
Included | Up to $10 million in coverage |
| Business Interruption Covers lost income or extra costs if a data breach disrupts your business. |
Included | Up to $5 million in coverage |
| Cyber Event Liability Covers third-party lawsuits related to a cyber threat. |
Not included | Included |
| Privacy Regulatory Liability Covers fines, penalties or taxes resulting from regulatory action after a cyber threat. |
Not included | Included |
Add-ons for Cyber Guard Select
| Coverage type | What’s covered? | Example |
|---|---|---|
| Media Liability | Third-party claims against your business for inaccurate or plagiarized publications, trademark infringement and other media breaches. | A real estate team hires a freelancer to design a new logo. A few months after selecting a design and launching the logo publicly, the broker receives a cease-and-desist letter from a third party, claiming the logo violates their trademark. Media Liability covers the expenses and damages the broker is legally obligated to pay to the third party. |
| Digital Asset Loss | Your costs to restore corrupted, damaged or deleted digital assets. This includes costs to determine whether assets can be restored. | An architectural firm loses a set of 3D CAD drawings – which took months of work – for a new building, days before the project’s delivery date. This puts the firm in danger of losing its contract with the client. Digital Asset Loss covers the costs to recover the CAD drawings. |
| Cyber Extortion Threat | Extortion demands against your business for money or property.* | Cyber criminals encrypt a school board’s servers and demand a ransom to prevent publication of student records. Cyber Extortion Threat covers the costs to hire forensics experts who investigate, contact the criminals and pay the ransom. |
| Reward Expenses | Your fulfillment of reasonable monetary rewards when information leads to the arrest and conviction of the person(s) responsible for a cyber event.* | A restaurant chain is victimized by a privacy breach. After obtaining their insurer’s consent, they offer a reward for information. An anonymous person steps forward, which leads to the perpetrator’s conviction. Reward Expenses covers the payment to the informant. |
| Crisis Management | Your costs and expenses for crisis-management consultation with a lawyer or public relations firm in response to a cyber event.* | A home business has their customer information exposed, and the local media publishes the story. Crisis Management covers the cost of hiring a firm to handle communication and preserve the company’s public image. |
| Payment Card Loss | Fines, reimbursements and recovery fees, including card reissuance costs, if your customer payment card data is compromised. | A retailer suffers a privacy breach in which thousands of customer credit-card numbers are taken from their network. Payment Card Loss covers the costs of reissuing compromised cards, and any regulatory implications. |
| Social Engineering | Lost funds resulting from a good-faith mistake by an employee. | The Finance VP of a wholesaler receives a request from a person, who they mistake to be the CEO, asking for an urgent money transfer to a supplier. The VP obliges and makes the transfer, but it turns out that the account belongs to a scammer. Social Engineering covers the lost funds. |
| Funds Transfer Fraud | Funds you lose due to unauthorized access to your computer systems. | A criminal accesses a toy company’s network and uses their computers to transfer money to a foreign bank account. The company discovers the theft while conducting a month-end account reconciliation. Funds Transfer Fraud covers the lost funds. |
| Telecommunications Fraud | Expenses you incur for the intentional misuse of your telephone system. | A hacker accesses a manufacturing plant’s phone system and uses it to make unauthorized long-distance calls. The plant realizes they’ve been victimized when they receive their monthly phone bill. Telecommunications Fraud covers the cost of the fraudulent phone calls. |
*Subject to the prior written consent of Co-operators.
Get expert advice and claims support
Our standard Cyber Guard and enhanced Cyber Guard Select packages include 24-hour support from our dedicated risk-management partner, CyberScout®. They provide claims support, expert advice and prevention tips so you can keep your business up and running.
Get the right coverage to protect your business
With Co-operators, you get more than just a policy. You get expert advice from seasoned financial representatives who understand the challenges and needs of your business. Discover the value of tailored coverage, proactive risk management and support that grows with your business.
More ways to protect your business
Business property insurance
Liability insurance
Equipment breakdown insurance
Loss of income insurance
Crime insurance
Insurance for co-operatives
Insurance for non-profits
Insurance for business-use vehicles
CyberScout® is a registered trademark of SontiqTM
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