“Cyber risks leave businesses exposed regardless of size, industry or track record,” says the CyberRisk Product Manager for Travelers, Jason Glasgow. “While some business owners have employed tactics to minimize opportunities for exposures, the risks go far beyond a single hacker accessing information. From dealing with information leaks to meeting expenses associated with crisis management, business owners need to be prepared to manager their cyber liability.”
As such, Travelers has announced this week that it is facing this new threat head on with CyberRisk. Offered by Travelers Bond & Financial Products, CyberRisk aims at limiting a clients cyber exposures and managing associated risks by offering a policy that provides a comprehensive solution to whatever size company in any size industry. CyberRisk will be offered through Traveler’s suite of management liability products including WRAP+ for Private & Non-Profit Organizations, Executive Choice for Public Companies and SelectOne+ for Financial Institutions. In addition, insureds also will be able to build custom CyberRisk policies to better fit their business needs using 10 different coverage options. These options address exposures and the ripple effects associated with cyber-related events like:
Third Party Liability Coverage:
- Network and Information Security Liability
- Communications and Media Liability
- Regulatory Defense Expenses
First Party Coverage:
- Crisis Management Event Expenses
- Security Breach Remediation and Notification Expenses
- Computer Program and Electronic Data Restoration Expenses
- Computer Fraud
- Funds Transfer Fraud
- E-Commerce Extortion
- Business Interruption and Additional Expenses
“If a company is using any kind of technology, they are at risk of experiencing a cyber event,” continued Glasgow. “With cyber exposures growing more visible, Travelers CyberRisk is an essential tool to protect businesses of all sizes.”
To learn more about cyber risks view the Traveler’s video “The Case for Cyber Risk Insurance.”
