Nov 24
Data Insurance
News reports of major security breaches that led to data being stolen or compromised have sparked rising interest in insurance products to address the risk. There’s not a lot that’s available, but interest is growing rapidly.
St. Paul Travelers offers an Internet liability protection policy that provides coverage for third-party claims resulting from a policyholder’s failure to protect confidential customer information. The policy would respond even if the breach occurred overseas which is critical because, given the global reach of the Internet, security breaches can originate from anywhere in the world.
National Union Fire Insurance Co. provides a variety of network security liability policies. Its information asset policy pays a policyholder’s costs related to recreating and restoring data or software on the network that might have been damaged. It also offers a business interruption policy that would cover losses of income related to network security issues and a cyber extortion policy that pays for damages in the event of a threatened or actual breach of a company’s security system.
More after the jump…
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