Cyber and Technology E&O insurance
Coverage for today’s evolving cyber threats.
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Leveraging the strength
of Munich Re Specialty
Cyber insurance capabilities target classes
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
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
Value-added services
Perspectives
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About Munich Re Specialty
Munich Re Specialty – North America products and services are offered by and provided through insurance companies and producers/surplus lines brokers that are eligible or licensed in accordance with the laws and regulations of individual jurisdictions. Products and services are not available in every, and may vary by, jurisdiction. The information provided on this site is intended as general information only and does not constitute an offer to sell or a solicitation to purchase insurance or non-insurance products and services. Please be aware that the insurance policy and not any information provided on this site will form the contract between the parties thereto, and will govern in all cases. Munich Re Specialty – North America’s insurance products and services in the United States, Canada, and the United Kingdom are underwritten and provided by or through one or more of the insurers, producers/surplus lines brokers that are members of the Munich Re Group identified below. Each company is financially responsible only for insurance policies it has issued.
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