New Security & Privacy Protection cover – because you can’t outsource liability

13
Mar
2014
In today’s world, the likelihood of a data breach is continually escalating. So is the cost. Any company that handles data – whether on employees, customers, suppliers, or business partners – is exposed to potential business costs, regulatory investigations and lawsuits associated with a breach.

Zurich’s deep understanding of the information security and privacy risk management environment positions us to effectively address our customers’ exposures.

The Zurich Security and Privacy policy is designed to provide liability and first party coverages, including critical privacy breach costs which can help mitigate negative publicity and customer dissatisfaction.

Enhanced Insuring clauses

Internet Media liability coverage newly included within the base wording. Definition of ‘Wrongful act’ extended to include electronic publishing wrongful act to aid with operation new insurance clause.

Cover for fines and penalties where insurable by law newly included within the base wording. Previously only covered defence expenses related to a regulatory investigation.

Significant enhancements to broaden cover provided for ‘Privacy breach costs’:

  • Increased period in which insured can incur such costs up to 24 months
  • Added language to clarify intent to pay for voluntary notification costs (even when law does not require it)
  • Added cover for expenses related to identification theft insurance for affected individuals
  • Added specific coverage for costs to establish a call centre to handle inquiries for the affected individuals.

Who is the cover suited to?

Any company that handles data - whether on employees, customers, suppliers, or business partners - is exposed to potential business costs and lawsuits associated with a breach.

Zurich has a risk appetite for a number of segments starting at revenue of $25 million. Segments include but are not limited to:

  • Commercial retail
  • Technology
  • Healthcare
  • Financial institutions
  • Consulting
  • Professional services
  • Data processing.

Read more on Zurich's Security and Privacy Protection Policy and download documents such as policy wording, fact sheet and proposal form.

The Zurich Security and Privacy policy is critical because while you can outsource processes, you cannot outsource liability. We look forward to discussing our enhanced proposition with you.