Cyber privacy and security

As technology continues to advance and becomes increasingly complex, the cyber risks businesses face will become increasingly complex, as well. It's important to understand the cyber risk your business faces and ensure you have adequate cyber insurance in place that can evolve with your business.

The Hanover's management liability cyber privacy and security advantage coverage (ML Cyber Advantage) is designed for businesses that face more significant cyber risk. We specialize in writing cyber coverage for both private companies and non-profit organizations in the following industries:

Tailored cyber insurance coverage

Available as either a stand-alone policy or as part of a modular private company or nonprofit policy, ML Cyber Advantage provides broad coverage that can be tailored to meet your business' unique needs. ML Cyber Advantage's multiple insuring agreements include:

• Privacy and security liability – liability arising from a privacy breach (failure to protect personally identifiable information) or a security breach (failure to protect systems)
• Cyber media liability – liability for infringements related to electronic media
• Breach event expenses – expenses for notification costs, forensic investigation, credit monitoring, call center and PR firms
• Breach reward expenses – expenses to pay informants who provide information leading to the capture and conviction of a "hacker"
• Breach restoration expenses – expenses to rebuild data/media
• Cyber investigations – defense costs for regulatory investigations
• Cyber business interruption and extra expense – coverage for loss of net income/continuing expenses arising out of a security breach
• Cyber extortion expenses – coverage for loss of funds surrendered for threats to release confidential records
• Cyber theft – coverage for loss of funds or property due to fraudulent transfer via entry into a computer system through the internet

Other product features include:

• Criminal proceedings – ability to include criminal proceedings on the liability side
• Broad definition of confidential records – includes non-public, financial, credit card, employment and healthcare related information
• Coverage for confidential data in electronic and physical form and corporate sensitive information (via endorsement)

Additional optional coverage endorsements include:

• Payment card fines and penalties
• Consumer redress funds

And, in addition to our broad coverage, ML Cyber Advantage includes expert risk management and cyber claims services before, during and after a breach occurs:

• Pre-breach – access to the a risk prevention and mitigation portal, which provides tools and resources to help you understand exposures, establish a response plan and minimize the effects of a breach. The portal also includes a directory of external resources with expertise in pre- and post-breach disciplines.
• During a breach – While some policies require use of preferred provider for data breach response, with ML Cyber Advantage, you have the ability to use any provider you want. 
• Post-breach – access to an attorney specializing in cybersecurity and data privacy events.