Cyber Liability Insurance

From your brand reputation to financial and employee data, cyber-attacks are increasing in frequency and intensity. Coupled with the need to comply with regulations such as Personal information Protection and Electronic Document Act (PIPEDA) and General Date Protection Regulation (GDPR), keeping your networks and data safe can seem overwhelming — but it doesn't have to be. Gallagher's cyber liability insurance team is ready to customize the solutions that can keep your organization and all its information flowing smoother and safer.

Protection for a new class of cyber risks

An increasing number of Canadian organizations are dependent on digital working processes. Networked computers, emails, smartphones and apps drive how we interact and work. Technology complexity attracts a wide range of threats — breaches of personally identifiable information as well as personal health information, corporate confidential information, virus transmission, data loss, cyber extortion, and security failure, among others. As cyber exposures are generally not included in standard business insurance policies, specialized cyber liability insurance is essential.

Assessing and understanding known and unknown risks within the cyber liability scope is complex. It requires expertise and an aggressive approach to understand how threats emerge and how coverage can evolve to protect your organization. Using traditional business insurance coverage as a benchmark, the cyber liability insurance and risk management team builds a stronghold of support to confront and protect against developing risks, so you are fully prepared. We broker information security services and insurance products to combat and protect against the full spectrum of cyber risks. Our cyber liability insurance practice process and strategies include:

• Analyzing current cyber risk coverage gaps
• Identifying potential gaps in coverage based on trends and expectations of carriers
• Matching exposures to these potential gaps
• Designing risk management solutions

Cyber risk management solutions

To address the sophisticated and evolving nature of cyber liability insurance, we have developed a global practice that takes a consultative and action-based approach. We offer:

• Complimentary preventive services
• Contract analysis
• Incident response planning that outlines our approach in the event of a breach — including access to a breach coach
• Insurance coverage gap analysis and insurance policy onboarding
• Insurance policy design and implementation
• Online network assessment through Gallagher eRiskHub®
• Proprietary cyber insurance limits modeling, third-party benchmarking, cost of a breach calculator, quantitative cyber analysis

Coverages designed to meet cyber threats

After assessing your current cyber coverage, we develop a customized program that considers your unique needs. Highlights of our cyber liability insurance coverage include:

• Network security liability — Provides liability coverage for damages and claim expenses arising out of an actual or alleged act, error or omission. The coverage includes assessment, remediation, managed security services and business continuity consulting and planning services.
• Privacy liability — Provides liability coverage if an insured fails to protect communication in all formats, electronic and non-electronic, private or confidential information in their care custody and control.
• Privacy regulatory proceeding — Provides coverage for defense expenses, and in some cases, penalties incurred from a regulatory proceeding resulting from a violation of a privacy law caused by a covered security breach. Our cyber liability team has deep expertise in the Canadian Federal Digital Privacy Act (Bill S-4).
• Breach response expenses — Covers crisis management, including credit monitoring services and public relations expenses incurred from a security or privacy breach. It also pays the costs of notifying consumers as required by various provincial, federal or international laws or regulations.
• Business interruption — Provides for your lost income as a result of a cyber-incident.
• Media liability — Provides coverage for media exposures such as music copyright, trademark infringement and advertising injury.
• Cyber extortion — Provides coverage for negotiating expenses, ransomware payment and data retrieval.

Cyber marketplace that outmaneuvers emerging threats

Our practice represents a diverse marketplace, ready to provide risk management programs that support optimal cyber insurance coverage. We monitor these markets to make sure we are providing the most comprehensive coverage options at the most competitive price.

Cyber claims advocacy

As part of our offering, we provide a comprehensive program that facilitates a seamless claims process and helps you recoup losses. We have experience with the cyber liability claim lifecycle, from breach to recovery. We aid you in breach preparedness during the strategic risk management program phase, as well as helping you develop a breach response plan and assess and select vendor partners. We recommend you have in place the following for optimal breach response:

• Breach notification service provider
• Credit monitoring/ID monitoring service provider
• Forensic investigator
• Legal representation
• Payment card industry investigators (PFIs)
• Public relations firm

Gallagher eRiskHub®

All Gallagher clients get access to the Gallagher eRiskHub® site hosted by Netdiligence. There you will find a myriad of helpful tools including:

• Cost calculators
• Incident response template
• Pre- and post-breach service firms
• Recent articles and claims
• Sample corporate policies
• Training videos

Education as prevention

We believe the best protection against cyber threats is prevention. That's why, as part of our practice, we give you updates on the latest threats and educate you on how to safeguard your organization from attacks before they happen. Our tools include:

• Complementary network scan
• Cyber market reports
• Cyber university webinars
• Experts directory (access to qualified third-party providers of breach-related services)
• Third-party cyber benchmark reports and updates