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Cyber, Security & Privacy,
Media Liability Insurance

A data breach event is a risk for any company that collects personal identifiable information and/or handles confidential information about its clients or employees.  This exposure has the ability to pose a significant financial threat to a company.  With the assistance of NIF Pro, we can secure a Cyber, Security & Privacy Liability Insurance (Cyber Liability) policy which is designed to protect a company against data breaches.

Limited Cyber Liability coverage may be found under a traditional insurance policy such as General Liability or Professional Liability.  Typically, these policies do not provide the full protection needed to combat a data breach.  A claim for a data breach may not trigger coverage under a traditional insurance policy.  A company is not safe to rely on a traditional insurance policy to respond and protect them against a data breach.

The federal government and most states have passed regulations governing how a company must provide notice to its clients.  A company is at risk of a fine/ penalty by the government for failure to protect data.  Regardless of the industry, most companies are legally mandated to protect third parties personal information.

Our carriers Cyber Liability Insurance policies cover third party claims arising out of a data breach.  They provide coverage for defense costs and fines/penalties for violations of privacy regulations.  The policies also provide first party Cyber Liability coverage for privacy breach response costs.  Privacy breach responses costs consist of customer notification expenses, customer support, credit monitoring, public relation costs, advertising and IT forensic expenses.

The policy forms include business interruption coverage and reimbursement to a company for the costs of replacing damaged hardware or software and data.   They also include extortion expenses and extortion monies as a result of a cyber extortion threat.  Coverage is not just limited to a breach of a company’s computer network.  Coverage extends to paper based data, portable devices (blackberry, lap top, I pad, I phone etc.) and data in the custody of vendors, outsourcers or independent contractors.

Media Liability coverage is included within our carriers Cyber Liability Insurance policies.  This coverage addresses the exposure that exists when a company releases electronic media on their internet site or print media. We can also secure a stand-alone Media Liability Insurance policy for a more traditional media client who is creating and disseminating content (advertising agency, producer, broadcaster, publisher etc.).

The demand for Cyber Liability Insurance policies is continuing to increase.  If you are not offering the coverage to current and potential clients, than someone else will.  Keep in mind that your agencies Professional Liability Insurance policy could be at risk if the coverage is not offered.  As your value added specialty intermediary NIF Pro can help you understand the potential liabilities that your clients face.  We can work with you in securing a Cyber, Security & Privacy, Media Liability policy that addresses your client’s needs from a premium and coverage standpoint. 

Download our Cyber, Security & Privacy, Media Liability Insurance Indication Sheet

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About NIF Group

NIF Group is a national program manager and regional wholesale broker. Based in NY with offices nationwide, NIF underwrites programs for nonprofits, social service agencies, bowling centers, and contractors; as well as offering access to specialty property casualty, such as contractors, difficult products, environmental, property and management/professional liability.

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