Travelers has introduced an enhanced version of its product-suite CyberFirst with eight first party coverage options designed for technology companies.
The new expense reimbursement module covers costs resulting from cyber attacks including theft of assets, intellectual property or private information; as well as telecommunications theft protection, a coverage option only available through CyberFirst.
This new module complements an existing trio of third party cyber liability coverage options including technology errors and omissions liability; network and information security liability; and communications and media liability – all specifically for technology companies.
The expense reimbursement coverage options include:
- Security breach notification and remediation expense
- Crisis management service expenses
- Business interruption and additional expenses
- Cyber extortion expenses
- Computer program and electronic data restoration expenses
- Computer fraud
- Funds transfer fraud
- Telecommunications theft
The new first party options complement Travelers’ existing enterprise-wide and worldwide liability coverage which provide up to $25 million in protection.
According to a recent study, the cost of a data breach per record is $194, according to a ponemon Institute Research Report: “U.S. Cost of a Data Breach Study, March 2012”. These costs can add up quickly. For example, a breach involving 10,000 records could cost nearly $2 million.
In addition to this new product, Travelers offers cyber liability coverage for public sector customers, bond and financial products customers, among others.
CyberFirst will be available in all 50 states.