Security and Privacy

Security and privacy insurance: Cover yourself from the series of costs that starts with lost data

Lose or compromise private customer data and you stand to lose much more. Your business could suffer the lost trust of your customers, which could be more costly than any other loss. Consider the chain reaction data breaches set in motion:

• Forensic costs to discover what caused it
• Costs of notification
• Regulatory fines
• Defense costs
• Business income loss
• Lost customers and damaged reputation

And the list goes on. According to a study done by the Ponemon Institute, costs for lost records stand at approximately $202 per record—multiplied by hundreds or thousands of records. Your potential exposure is going up, too, because there are more ways for data to become compromised and greater consequences that result:

• Lost or stolen portable devices (laptops, PDAs, flash drives)
• A more stringent regulatory environment
• Increased class action suit activity
• New threats like cyber extortion
• Settlements for litigation 

The Zurich Security and Privacy Protection Policy offers first- and third-party coverage to respond to many types of losses associated with security and privacy risks. Our specialized teams in some of the industries most affected by security breaches, such as Specialty E&O, Healthcare, Financial Institutions and Technology, can help you understand how the product responds to your specific needs.

To read more detail about the coverage and the services Zurich offers to help you prevent and respond to security breaches, see the pdf files in the box to the right of the screen.