NIP Group Announces the Launch of Cost-Effective Cyber Security Insurance Program for Specialty Programs
Cyber Suite is a comprehensive insurance solution designed to help businesses respond to a full range of cyber incidents including threats of unauthorized intrusion into or interference with computer systems, damage to data and systems from a computer attack, and cyber-related litigation. Cyberthreats are constantly evolving, growing stronger and more sophisticated each day. At current projections, data breaches and cyberattacks are expected to cost companies across the world a total of
- Data Compromise Response Expenses – forensic IT review, legal review, notification to affected parties, services to affected individuals, public relations, regulatory fines and penalties, and PCI fines and penalties
- Computer Attacks – data restoration, data recreation, system restoration, loss of business, extended income, public relations
- Cyber Extortion Expenses – cost of responding to extortion threats which includes the cost of a negotiator and amount paid by the insured
- Misdirected Payment Fraud – coverage when the insured is the victim of a wrongful transfer event – an intentional and criminal deception of the insured or financial institution
- Computer Fraud – reimbursement for the direct financial loss to an insured when an amount is fraudulently obtained from the insured as the result of unauthorized access
- Data Compromise Liability – loss directly from personal data compromise or defense costs directly arising from a regulatory proceeding
- Network Security Liability – costs for defense and associated settlement and judgment costs arising from an action
- Electronic Media Liability – loss directly arising from an electronic media suit
- Identity Recovery – services for an identity recovery case manager to respond to identity theft and expenses incurred as a result of the theft
This coverage is backed by
"The addition of the Cyber Suite program focuses on our commitment to providing insureds with the best overall insurance coverage for their businesses, allowing them to focus on running their businesses while we ensure that they are properly insured against physical, as well as digital risks," said
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