Keep up with the latest cybersecurity threats, newly discovered vulnerabilities, data breach information, and emerging trends. Delivered daily or weekly right to your email inbox.
Zurich North America Commercial Expands Security, Privacy Insurance Coverage
Zurich Security and Privacy Protection Policy helps businesses manage data breaches, cyberattacks
July 7, 2009
4 Min Read
PRESS RELEASE
Schaumburg, Ill., July 6, 2009 " Zurich North America Commercial announced
today its enhanced and expanded product to help businesses manage the
financial and reputational risks of cyberspace " the Zurich Security and
Privacy Protection Policy.
The consequence of data breaches cost today's business owners an average of
$6.6 million per incident, and this cost is on the rise, according to a
study conducted by an independent research institute. Zurich's policy is
designed to help pay for the costs incurred while trying to recover from a
data breach and to help companies protect against the potential liabilities
arising out of or resulting from cyber-related incidents. In addition to
data breaches, the policy provides coverage for a broad range of network
security and privacy risks, such as unauthorized access or use of an
insured's computer system, alteration or destruction of electronic data and
denial of service attacks. The policy provides both third party insurance
including optional internet media liability and optional first party
coverages.
According to Brad Gow, senior vice president of Specialty Errors &
Omissions for Zurich North America Commercial's Specialties business unit,
the current regulatory environment is creating an escalating exposure for
companies, with more stringent reporting requirements as well as media
notification in numerous jurisdictions. At present, more than 40 states,
the District of Columbia and numerous foreign jurisdictions have data
breach reporting regulations with new legislation being developed
continually.
"Zurich's coverage is expansive and designed to help protect business
owners from the vulnerabilities of business' digital infrastructure," said
Gow. "Most of the technologies making today's workforce more efficient,
including smartphones, laptops, and external hard drives, are also making
it easier than ever for data breaches to occur. The fact is, the
vulnerability of business owners doesn't only spring from hackers or cyber
attacks. A vendor or an unhappy employee can walk off with millions of
records on a USB stick."
Zurich Security and Privacy Protection coverage provides a broad range of
critical third party and first party insurance coverage. This policy was
designed to help reduce the confusion that can result from dealing with
multiple policies helping to close the gaps in coverage existing today.
Third party coverage: -- Security and privacy liability coverage, which includes limited coverage for regulatory proceedings defense costs o Internet media liability coverage (available as an option)
Privacy breach costs coverage (available as an option): -- Covers certain legal and public relations expenses and forensic investigation expenses of a company's computer system to determine the cause or extent of a privacy breach
First party coverage: -- Business income loss and dependent business income loss -- Digital asset replacement expense -- Cyber extortion threat and reward payments
"Zurich brings the knowledge and experience to this field to identify,
understand and manage the risks facing our customers," said Seraina Maag,
president of Zurich North America Commercial's Specialties business unit.
"We continually evaluate loss trends and the current risk environment to
identify the most common vulnerabilities that cause the greatest losses.
Zurich's security and privacy product is designed to help our customers
recover quickly the greatest financial losses from the risks inherent in
our Internet-dependent economy."
Zurich's new policy is available to all major industries and offers
specialized protection for the particular vulnerabilities faced by
financial enterprises, healthcare industries, which need to comply with key
regulations such as the recently enacted HITECH Act, and technology firms.
As an additional level of support, Zurich customers will gain access for no
additional charge to NetDiligence's eRisk hub, a Web-based resource for
cyber incident prevention and recovery service information. Zurich Security
and Privacy Protection customers will also be offered access to additional
prevention and recovery resources, such as these current offerings:
Deloitte's Digital Forensic and e-Discovery, National ID Recovery, and Identity Theft 911's Security Breach Response.
"Combining state-of-the-art coverage with loss control and prevention
recommendations provided by independent third parties demonstrates Zurich's
commitment to assisting our customers in all phases of their risk
management from risk awareness to mitigation to risk transfer," said Ty R.
Sagalow, chief innovation officer for Zurich North America Commercial.
For more information, go to http://www.zurichna.com/securityandprivacy.
About Zurich
Zurich's North America Commercial and Global Corporate in North America
business divisions are part of Zurich Financial Services Group (Zurich), an
insurance-based financial services provider with a global network of
subsidiaries and offices in North America and Europe as well as in Asia
Pacific, Latin America and other markets. Founded in 1872, the Group is
headquartered in Zurich, Switzerland. It employs approximately 60,000
people serving customers in more than 170 countries. In North America,
Zurich (www.zurichna.com) is a leading commercial property-casualty
insurance provider serving the global corporate, large corporate, middle
market, specialties and programs sectors.
Media contact:
Jennifer Nowacki Zurich (847) 605-6511 [email protected]
You May Also Like
More Insights
Webinars
