Cyber-Insurance

What is an EPK CYSURANCE policy:

This EPK Cysurance policy pays for things like ransom payments, system/data restoration and forensics to determine how it all happened. It also reimburses potentially crippling regulatory fines you may face if your data is compromised, and the cost to notify and provide identity monitoring for affected customers.

An EPK Cysurance cyber insurance policy won’t prevent a cyberattack or data breach and does not replace EPK’s cyber risk management best practices. However if your cyber security defences and controls fail, it can be the difference between life and death for your business.



Understanding the EPK CYSURANCE policy

Cyber insurance covers online and IT-related exposures created by cloud computing, the Internet of Things, artificial intelligence, online commerce, mobile devices social media and more. And since 60% of SMBs shut down within 6 months of a cyberattack, an EPK Cysurance policy may prove invaluable to your business.

This EPK Cysurance policy includes coverages related to unauthorized access to data or systems, such as ransomware. It also covers cybercrime, which is the explicit theft of tangible assets like monies or securities via computer, funds transfer or social engineering fraud.

  • Up to $2M Cyber liability limit
  • Includes Cybercrime coverage
  • Broad policy definitions, ‘Work from Home’ coverage; no deductible for response coach
  • Fast, secure, Blockchain enabled claims process
  • No deductible for response coach
  • Covers cloud-based extortion (i.e. ransomware) scenarios and extortion expenses paid in cryptocurrencies
  • Applies anywhere in the universe to address the continued evolution of hosting and data storage
  • Reimburses fines and legal fees related to new privacy regulations (CCPA, SHIELD, HIPAA)
  • Covers employees regardless of location – important for Work From Home initiatives
  • Covers mental injury

Liabilities Faced in a Breach

While many end users fear ransomware demands, damaged servers or legal costs after a breach, business interruption and incident response costs are typically far more volatile and severe. Not realizing this, many SMBs may feel they have the resources to recover from a cyber incident. Yet the cost of downtime from ransomware is 23 times greater than the actual average ransom – and 50.6% of those who pay don’t even recover their data, leading to higher costs!

Further, since 2009, 57.4% of total cyber claims are driven by costs for forensic firms to investigate and remediate the breach, public relations firms to repair reputations, call centers to manage regulatory notification requirements and credit monitoring for affected customers.

An EPK Cysurance policy can reimburse companies for ransoms, but more importantly, it covers the business interruption and incident response costs that are more likely to put you out of business. With roughly 20% of 16,000 newly registered “corona-domains” deemed suspicious or malicious and Work from Home initiatives putting greater stress on network resources, now is the time to protect your business with an EPK Cysurance policy.

First-Party Liability Coverage

First-party expenses can include the costs associated with notifying affected customers and employees of a data breach. Public relations and reputation management/recovery costs are also first-party expenses.

  • Cyber Incident Response Fund: Legal fees, forensics, notification costs, credit monitoring, public relations etc
  • Business Interruption: Loss of profits and expenses from interruption of insured’s systems; and with Contingent Business Interruption, adds losses from interruptions of others’ systems
  • Digital Data Recovery: Costs to restore or replace lost or damaged data and software
  • Telephone Toll Fraud: Costs incurred as phone bill charges due to fraudulent calling
  • Network Extortion: Payments to prevent digital destruction/impairment, includes Ransomware
  • Cybercrime:
  • Computer Fraud: Third party accessing insured’s computers to take money
  • Funds Transfer Fraud: Third party tricking a bank into transferring funds from insured’s account
  • Social Engineering Fraud: Third party tricking an employee into transferring money

Third-Party Liability Coverage

Third-party expenses include the legal aspects of a data breach, particularly in the legal fees and costs of settlements, civil awards, or judgements resulting from a lawsuit.

  • Cyber, Privacy and Network Security Liability: Failure to protect private or confidential information of others, and failure to prevent a cyber incident from impacting others’ systems    
  • Payment Card Loss: Covers liabilities due to payment card losses  
  • Regulatory Proceedings: Defense for regulatory actions and coverage for fines and penalties   
  • Media Liability: Copyright and trademark infringement within scope of defined media content

Insurance offered by Cysurance, LLC. NY License #1578397. Chubb is the marketing name used to refer to subsidiaries of Chubb Limited providing insurance and related services. For a list of these subsidiaries, please visit www.chubb.com. Insurance provided by ACE American Insurance Company and its U.S. based Chubb underwriting company affiliates. All products may not be available in all states. This communication contains product summaries only. Coverage is subject to the language of the policies as actually issued. Nothing in this communication should be construed as involving the sale, solicitation or negotiation of insurance, the provision or offer of insurance services, or the provision or offer of legal advice or services.