Employee benefit plans face significant exposure to cyber risk. Charged with the responsibility of protecting plan participants personal identifiable information “PII” and protected health information “PHI”, these plans and their trustees must implement risk management and vendor management procedures and consider purchasing cyber liability insurance.
Plans may not be required to have a cybersecurity policy or to purchase cyber liability insurance, but plan sponsors, whether subject to ERISA or not, should always act prudently and document their process. Cybersecurity should be part of that process. Compliance with State Law reporting requirements, notification requirements, managing and paying for business interruption expenses to get back up and running and incurring lawsuits can deplete valuable plan assets. Having the right cyber policy in place can help cover these expenses.
Euclid Specialty offers a cyber liability program with extensive first party and third-party coverage and includes risk management assistance to help prevent attacks. Policy coverage and highlights include:
- A.M. Best “A” rated and admitted insurance program with Axis Capital
- Prior Acts Coverage included
- AXIS preferred breach response coach – Breach Coach Hot-Line
- Risk Management and Loss Control Resources available via www.stoplosshub. com
- Enterprise Security Event Liability Coverage
- Privacy Regulation Liability Coverage
- Computer System Extortion Expense and Loss Coverage
- Crisis Management/Voluntary Notification Coverage
- Fraud Response
- Public Relations
- Reputational Harm Coverage
- Forensic and Legal
- Business Interruption Coverages: Service Disruption; Service Failure; System Disruption; System Failure; Data Recovery Expense
- PCI Fines: Coverage for PCI-DSS Fines and Recertification.
- Ransomware Loss Coverage
- Website Media Coverage
- Social Engineering Fraud Loss Coverage
- Telecommunication Theft Loss Coverage
- Bricking Coverage
- Invoice Manipulation Coverage
- Extortion Threat Reward Reimbursement Expenses
- Limits available up to $3 million without an application requirement. Higher limits available.