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 the latest study by the Ponemon Institute, costs for lost records stand at approximately $214 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 Financial Institutions, Technology, Manufacturing, Commercial retail, Consulting, Professional services and Data processing 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.

Listen in as Tim Stapleton and Richard Billson discuss the current security and privacy marketplace and Zurich's offering to our customers. 

This is intended as a general description of certain types of insurance and services available to qualified customers through the companies of Zurich in North America.  Your policy is the contract that specifically and fully describes your coverage.  The description of the policy provisions gives a broad overview of coverages and does not revise or amend the policy.  Insurance coverages are underwritten by individual member companies of Zurich in North America, including Zurich American Insurance Company.  Certain coverages are not available in all states.  Some coverages may be written on a nonadmitted basis through licensed surplus lines brokers.