Coalition is a Managing General Agent (MGA) of Swiss Re Corporate Solutions, Arch Insurance North America, and Argo Insurance, and a cover holder of Lloyd's of London.
Cyber insurance (a.k.a. Cyber Liability, Privacy Liability, Internet Liability, Electronic Media Liability, and Network Security & Information Liability insurance) helps companies weather the storm from many technology-based risks that might impact them. This includes risks associated with a company's IT infrastructure and activities such as systems failure, cyber attack, or data breach.
What are some common Cyber risks?
- Ransomware A hacker has encrypted all of your files and won’t unlock them until you pay a ransom. Not to worry, we’ll cover the costs to restore your data and get you up and running again.
- Wire Fraud and Social Engineering A funds transfer request is sent to your controller by someone pretending to be your CEO. The funds may be out the door, but at least you’re not out of pocket—we’ve got you covered.
- Phishing and Data Breaches A hacker gains access to an employee’s email or breaches your network. We’ll cover costs to fix the problem and breach-related expenses such as credit monitoring and regulatory penalties.
- Ransomware and malware attacks A bad actor encrypts and disables access to business-critical systems and data until a ransom payment is made. Data may also be exfiltrated and exposed if the ransom isn’t paid.
- Funds transfer fraud A bad actor uses social engineering, sometimes in concert with phishing attacks, to cause funds to be sent to the attacker instead of the proper recipient
- Business email compromise Email intrusion resulting from spoofing, phishing, or spear-phishing that can result in a data breach or funds transfer loss
- Data breaches Exposure of Personally Identifiable Information (PII) or Protected/ Personal Health Information (PHI) of your customers
- Legal and regulatory issues Violation of a legal or regulatory framework, such as GDPR or CCPA
- Web application compromise Direct compromise of a web-based product, such as an eCommerce platform, as a result of a targeted attack
- Technology errors & omissions A failure in the technology product or services results in business interruption or loss on behalf of your customers
Any business with an online presence and/or dependency on the internet should consider getting protection against cyber risks. Using emails, having a website, storing data, having a point of sale, etc are a few examples of having a digital presence and this list is not exhaustive. A business should ask itself if they lost all access to digital presence would they be able to function?