Rob Ferrini

For more information contact:

Rob Ferrini, Program Manager | 1-508-656-1327

Why Cyber Liability / Data Breach Response Coverage from NAPLIA?

- 56% of data breaches are caused by hacking or malware attacks
- 30% of breaches result from the loss or theft of personal devices, such as laptops, PDAs, smartphones or memory sticks
- 6% of breaches are caused by insiders -- individuals with legitimate access who intentionally breach personal information*

However for most organizations, the biggest risk does not come from hackers nor from the breach itself. It comes from the organization mishandling its response to the breach, thereby forfeiting the confidence and trust of customers and other stakeholders resulting in damage to the organization's reputation.

Data Breach / Cyber Insurance Provides Coverage in Three Areas

LOSS CONTAINMENT | Information Security and Privacy Liability Coverage
- Web training
- Security policy templates
- Hire a forensic expert to determine cause and suggest measures to secure the data
- Hire a PR firm to assist in dealing with the crisis
- Set up a call center
- Notify individuals whose information has been compromised
- Modify credit of affected individuals
- Pay for the costs to restore stolen identity

HEADACHE COVERAGE | Regulatory Defense and Penalties Coverage
- Costs associated with hiring the specialized legal expertise required to deal with regulators (especially valuable with clients in multiple states)
- Cost of fines and penalties levied against the firm as a result of the breach

DAMAGES | Traditional Liability Coverage
- Loss, theft or Unauthorized Disclosure of personal identifiable information (PII)
- Damage to data stored in computer system belonging to a 3rd party
- Transmission of malicious code or denial of service
- Failure to timely disclose data breach
- Failure to comply with firm's own privacy policy
- Failure to administer and Identity theft program as required
- Defense costs related to all of the above
plus Website Media Content Liability, Business Interruption, Extra expense Coverage, Data Asset Coverage and Cyber Extortion

* Source: Privacy Right Clearinghouse

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