Berkshire Hathaway Specialty Insurance (BHSI) has unveiled an insurance solution that combines the features of a cyber liability insurance policy with risk management resources.
According to a release, the Professional First Network Security & Privacy Liability Policy is “designed to deliver multi-faceted coverage and crisis management services” for large commercial enterprises, as well as a wide range of financial institutions, which include credit unions, banks, asset managers, and insurance companies.
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The policy’s highlights include:
- Coverage for both first and third party exposures resulting from data security and privacy breaches, including regulatory investigations, fines and penalties.
- Breach expense and extortion threat coverage, addressing the direct expenses an insured incurs to effectively respond to a breach or extortion threat.
- Media liability coverage, which responds to traditional media exposures (e.g. through a company’s website) arising from electronic content.
- Business interruption coverage to pay lost income and related expenses incurred as a result of the insured’s partial or full business interruption due to a network security failure.
- Online access to eRiskHub tools and resources to help policyholders understand cyber exposures, establish a breach response plan, and prepare to mitigate the impact of a breach on their organization
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Policyholders will also have access to legal experts to help them manage their obligations in the event of a data breach, forensic IT services to aid in identifying and containing a breach, and PR and credit monitoring firms to manage the reputational damage that could come following such an incident.
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