The Chartis insurers have added enhancements to its network security and privacy insurance products, recently rebranded as CyberEdge, to better address evolving risk trends, including:
- coverage for confidential information protected under foreign privacy laws and breach notification laws;
- inclusion of a “goodwill option” that provides policyholders with the option to offer a credit, coupon or rebate for future purchases in lieu of credit/identity monitoring in the event of a data breach; and
- updated definition of a computer system to include coverage for an organization’s use of cloud computing resources.
In addition to the coverage available for litigation stemming from a network security or privacy breach, and costs associated with managing and addressing a privacy event, security failure, network interruption or cyber extortion threat, CyberEdge provides insureds with services aimed at preventing loss. These include two complimentary hours of risk consultation with a leading privacy attorney and/or an IT security assessment expert. Insureds also receive access to the eRisk Hub risk management and loss prevention portal that features information on security and privacy best practices; insights on the legal, risk and regulatory environment; and tools to support breach recovery planning.
“As the security and privacy landscape continues to evolve, trending threats are emerging, such as the zip code-related claims under California’s Song-Beverly Act. Concerned with the potential income loss when a cloud computing vendor has a system failure, insureds need their policies to outpace these complex exposures,” said John Gambale, head of Professional Liability for Chartis U.S. and Canada.