Did you know that the average organizational cost for data breach in 2011 was $5.5 million and the average cost per compromised record was $194*?
With a growing body of law directed at protecting personal information, our carriers are constantly looking for ways to improve cyber liability offerings so that our customers have the best coverage in place to protect their businesses.
We are excited to introduce the enhanced version of The Hartford’s CyberChoice 1.0® Policy. Now known as The Hartford Data Privacy ~ Network Security Liability Insurance Policy, this policy builds industry leading terms onto one superior platform.
Reliable Coverage
This standalone policy is designed for qualified small and mid-sized businesses, with limits up to $10 million to protect against a broad range of third-party liability and first-party risks associated with data privacy and network security.
Some enhancements and modifications** include:
- Expense coverage expanded to include coverage for Cyber Investigation Expenses
- Definition of Computer System now includes connected leased equipment (coverage for detached devices by endorsement)
- Definition of Data Privacy Laws now includes Canadian laws and Coverage Territory expanded to include Claims brought in Canada (worldwide coverage by endorsement)
- Definition of Insured Person now includes supervised leased or temporary employees
- Coverage for PCI fines and penalties
- Rogue Employee coverage
- Definition of Notification and Credit Monitoring Expense Coverage expanded to include certain courtesy notifications
- Definition of Data Privacy Wrongful Act no longer requires Unauthorized Access or Unauthorized Use of the Computer System
- Intellectual Property exclusion now contains an exception for disclosure of trade secrets not caused by the Insured’s intentional acts
- These policy enhancements and modifications will result in changes in policy conditions during the renewal period for existing customers. Current customers were made aware of these changes.
Learn More
To learn more about The Hartford’s Data Privacy & Network Security Liability Coverage call 877-239-0067.
* Ponemon Institute. 2011 Cost of Data Breach Study United States. March 2012. ** For a complete description of coverage terms and conditions, refer to the insurance policy. In the event of a loss, the terms and conditions of the policy issued will determine the coverage provided. Coverage is provided by the member companies of Hartford Financial Services Group, Inc. and may not be available in all states. In Texas, coverage may be provided by Hartford Fire Insurance Company or Twin City Fire Insurance Company.