Cyber security is considered among the greatest of global threats. It has been projected that cybercrimes will cost $6 trillion globally by 2021 – up from $3 trillion in 2015.1 The need for cyber security has spawned an industry that has grown significantly in recent years. )
Cybercrimes have grown from “simple” data hacks to sophisticated attacks that now threaten power grids, transportation systems and the viability of companies large and small. The risk is real. For businesses, these challenges can come from many directions. To offer just three examples:
- Hacking attacks that compromise a company’s databases and storage
- Phishing attacks that infiltrate employees’ inboxes and ultimately impact data storage and security
- Ransomware crimes that hold data hostage by blocking access
Successful cyberattacks can lead to network shutdowns that can threaten business continuity. Depending on the scale of an attack, this business interruption can have a costly and potentially devastating effect on your organization.
1 Cybersecurity Ventures. “Official 2017 Annual Cybercrime Report.” October 2017. https://cybersecurityventures.com/
As businesses embrace the opportunities that digital technology affords, threats to data and privacy are growing. Cybersecurity is a necessity in today’s landscape for every size and type of company.
The Zurich Cyber Insurance Policy offers more expansive coverage for greater risk protection. Coverages previously available only through endorsement are now embedded within the policy. Most notably, the policy now offers a consistent coverage approach across the globe. Coverages offered in the new Zurich Cyber Insurance Policy:
- Reputational harm
- Enhanced media liability
- Affirmative coverage for General Data Protection Regulation (GDPR)
- Payment Card Industry (PCI) assessments, fines and penalties
- System failure
- Dependent system failure
- Social engineering funds transfer
- Claims avoidance coverage
Additional enhancements include:
- Coverage for voluntary shutdown
- Risk Engineering consultation
- Inclusion of device monitoring services
- Betterment of devices included when needed to install a more secure and efficient computer system
We have streamlined the application process for the Zurich Cyber Insurance Policy. The application includes clear, concise language and a form that can be submitted in a paper format or via an e-platform based on the framework of the National Institute of Standards and Technology (NIST), a non-regulatory agency of the U.S. Department of Commerce.
In addition, Zurich offers:
- Application aligned with the Multinational Insurance Application (MIA)
- Simplified application process now available for companies under US $750 million
We are committed to addressing the evolving cybersecurity needs of our customers. Experienced Zurich underwriters examine our policies on a regular basis to help ensure we are addressing the most recent cyber threats. In addition, we offer late arising coverage enhancements to all renewed clients.