Cyber Liability

You’ve Invested A Lot in Technology. Now How About Your Cyber Liability?

Can we get hacked? Will we get hacked? What’s our exposure – and what are the real risks to my business?

Critical questions like these are being asked by businesses and organizations of all kinds, including yours. And they should be. Customer/client data forms the lifeblood of your work. Meanwhile, the risk of data loss – from hacking, equipment theft, employee fraud, negligence and more – continues to grow.

When you partner with M3 for your cyber risks, we believe you should work from a when not an if scenario. In other words, we assume your business will indeed be subject to an attempted breach. What are your strategies for when that happens? How will you determine if you’ve effectively addressed the threats to your data? The responsibility to investigate, fund, and remedy known breaches rests solely on the shoulders of the company that owns the information. Are you prepared for what that means?

If you use technology for your business, you’re at risk. Work with an advisor who understands cyber liability and can get you protected.

Cyber Liability Coverage for a Range of Risks

Privacy Liability

Covers the failure to protect data, including personal identifiable data, personal health information, financial data, and corporate data. Protects information stored both digitally as well as in more traditional paper form.

Network Security Liability

Covers damage to a third party resulting from an intrusion of the insured’s network.

Media & Content Liability Coverage

Covers the misuse or infringement of copyright or trademark through the use of online media platforms.

Regulatory Action/Expense

Provides defense and potential settlement if the insured were to become the target of a regulatory investigation or action relating to failure to protect consumer or corporate data.

Business Interruption/Network Interruption

Provides expense reimbursement when network downtime caused by an intrusion leads to loss of income.

Digital Asset Coverage

Covers expense reimbursement for the cost of "recreating" critical software or network infrastructure in the wake of a cyber intrusion of the network.

Data Breach Fund

Covers "clean up" following a data breach. Typical expenses include breach coaching, legal fees, notification costs, credit monitoring, IT forensics, and public relations.

Know the Difference: First and Third Party Risks

First party risks are direct losses incurred by your organization because of “injury” to electronic data or systems as a result of acts from others. Potential claims from first party risks include:

  • Cost to identify and fix the problem
  • Expenses to protect customers, including notification and credit monitoring costs
  • Other expenses to mitigate loss, including public relations and publicity costs
  • Theft of data or intangible property
  • Loss of future income
  • Cyber extortion

Third party risks include liability for financial losses or costs sustained by others resulting from internet or other electronic activities – essentially, damages for allowing a breach to happen. Potential claims for third party risks include:

  • Defense expenses
  • Damages resulting from customer suits or law suits from others for personal / content injury, intellectual property claims, professional services, and injury from a security or privacy breach
  • Damages resulting from regulatory fines or penalties