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Fearing Cyber Loss? Get Cyber Coverage

It seems every day another news story breaks about businesses suffering from digital theft, security breaches, or copyright infringements or allegations. In a marketplace increasingly reliant upon online communications, the risk of such losses grows.

That is why a relatively new concept in insurance protection — "cyber liability" — is rapidly becoming mandatory coverage. If such protection is not currently a part of your insurance program, here are three key aspects to consider when choosing adequate cyber coverage. Does the coverage include:

  • Electronic media liability, for protection against defense costs and judgments arising from such allegations as copyright infringement, trademark violation, defamation, plagiarism, or violation of privacy?
  • Electronic information security liability, for protection against losses such as allegations of transmitting viruses, inability of authorized users to access your website due to a denial-of-service attack, or failure to prevent unauthorized access to confidential information contained within your electronic files?
  • Security breach expenses, to assist in reimbursing you for costs resulting from a security breach? Those expenses could include the costs of notifying affected customers, providing credit monitoring for one year to victims, crisis communications, or identity theft call center services for those affected.

©2013 Selective Ins. Group, Inc. (Branchville, NJ). "Selective" insurers include Selective Ins. Co. of America, Selective Ins. Co. of New England, Selective Ins. Co. of N.Y., Selective Ins. Co. of South Carolina, Selective Ins. Co. of the Southeast, Selective Way Ins. Co., Selective Cas. Ins. Co, Selective Fire and Cas. Ins. Co and Selective Auto Ins. Co. of N.J. Insurers and products available vary by jurisdiction.