Cyber and Technology E&O insurance

Coverage for today’s evolving cyber threats.

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.

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

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