Cyber Insurance

FTJ works with numerous carriers underwriting cyber insurance to find coverage that best matches the needs of each client. Our agents fully understand the complex policy language, limits, and exclusions, so they can guide our clients to an informed decision about coverage.

Cyber insurance policies typically include the following coverage:

First-party expenses

First-party expenses are the costs directly incurred by the insured  business as a result of a cyberattack. These include:

• Costs associated with recovering and securing lost or damaged data and computer systems.
• Lost revenue and expenses incurred when a cyberattack disrupts business operations.
• Incident response costs, such as forensic investigations, security audits, and other measures to address a cyber attack.
• Ransoms and other extortion demands
• Costs associated with mitigating reputational damage from a cyber attack.

Third-party liabilities

Third-party liabilities cover the cost to external parties such as customers, business partners, or vendors as a result of a data breach. These include:

• Legal fees or settlements costs resulting from lawsuits or disputes related to a data breach.
• Regulatory fines and penalties, and the cost involved in complying with regulatory requirements.
• Costs associated with notifying affected customers, business partners, vendors, or other third parties about the data breach.
• Identity fraud expenses related to helping affected individuals protect or recover their identities after a data breach.

Cyber crime / other protections

Cyber Insurance also can provide protection from the follow types of exposures:

• Website and media liability, including reputational damage, libel, slander, copyright or trademark infringement, arising from unauthorized content posted to an insured business's website or social media accounts.
• Penalties or assesments levied upon an insured business by the payment card industry, which cover losess sustained by banks or merchants resulting from a data breach.
• Wire transfer fraud resulting from intercepted or compromised wire transfer instructions.
• Social engineering exploits cause employees to unknowingly take actions that result in losses to the insured business.
• Telephone toll fraud that occurs when an insured businesses's VOIP (voice over internet protocol) system is compromised and redirected to high-cost toll numbers.

Understanding these different types of coverage as well as the policy's limits of liability and exclusions are essential in finding the right level of protection for each business's financial and reputational risks.