Cyber and Technology E&O insurance
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Cyber and Technology E&O insurance

Coverage for today’s evolving cyber threats.

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    Leveraging the strength
    of Munich Re Specialty

    and the innovation of Lloyd’s, we offer tailored solutions that combine technical expertise, risk management services, and responsive claims support to address your clients’ needs on a primary and excess basis.
    Leveraging the strength of Munich Re Specialty
    © Getty Images

    Cyber insurance capabilities target classes

    Primary Risks
    Earning up to $5bn in gross annual revenue
    Excess Risks
    Earning up to $5bn in gross annual revenue
    Most risk classes are eligible, except for the following:

    Airlines

    Casinos/gambling risks

    Payment processors

    Adult content

    Cryptocurrency

    Religious affiliations

    Blockchain

    Education

    Political action committees

    Cannabis-related risks

    Healthcare

    Social media/networking

    Coverage details

    Capacity

    Up to $10m

    First-party coverages 

    • Breach event 
    • Cyber crime 
    • Cyber extortion 
    • Reputational harm 
    • Digital asset damage 
    • Hardware replacement — business and dependent business interruption 

    Third-party coverages 

    • Network security and privacy liability 
    • Media liability 
    • Regulatory liability 
    • PCI DSS liability 
    • Technology E&O
    coverages
    © CHRISTIAN LAGEREK/SCIENCE PHOTO LIBRARY / Getty Images
    Dependent Business Interruption
    Provides coverage for loss of gross profit and extra expense from a disruption of an insured’s operations from a malicious event occurring on a service provider’s computer system.
    Digital Asset Damage
    Coverage resulting from a business interruption, cyber extortion, or a bricking event — coverage is not subject to a waiting period.
    Planned Outage (no exclusion)
    Insured can voluntarily shut down their computer system to help mitigate a loss.
    Blanket Vicarious Liability
    Coverage addresses the insured’s legal liability and the vicarious liability of third parties.
    Regulatory Damages
    Extend to most favorable law imposed by a regulatory authority.
    Broad Definitions of Technology
    Insured event, technology products, and technology services.

    Claims scenarios

    A company employee received an email that appeared to be from a legitimate source but was in fact a phishing attack. The employee clicked on a link and allowed a cybercriminal to extract the company’s data, including personal and credit card data pertaining to clients. How does Cyber coverage respond? 

    First-party coverage 

    • While coverage application is determined by individual claims analysis, first-party Cyber insurance coverage can: 
    • Pay to investigate the source and extent of the data breach 
    • Notify clients of the breach and what information was extracted 
    • Provide for the purchase of credit monitoring services 
    • Reimburse the insured for business interruption and lost revenue 
    • Provide for PR to protect the insured’s reputation 
    • Pay ransom to have data unencrypted in the case of ransomware/cyber extortion 
    • Pay ransom to a cyber-extortionist who is holding data hostage 

    Third-party coverage 

    If the same data breach occurs on a third party’s network or systems, third-party Cyber insurance can:

    • In the event of a lawsuit, respond to an insured’s covered attorney’s fees, legal expenses, and settlements or assessed damages 
    • If the insured is a technology business, Technology E&O insurance defends against lawsuits pertaining to data breaches, professional negligence, inadequate or incomplete work, and critical timelines missed 

     

    Claims scenarios
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