Technology is an integral part of economic activity. Reliance on networks, including the applications and data therein, creates vulnerability to information, technology and cyber risks that fall outside the scope of traditional insurance policies.
Whether an organisation provides technology products or services or their business relies upon them, technology failure can lead to significant costs and create substantial legal liabilities. It may seriously undermine public confidence in a company’s brand.
Privacy, cyber & technology liability insurance offers a risk transfer solution for first and third party exposures from various cyber threats. The most common examples are the well-funded, targeted intrusions; the disgruntled employee publishing confidential data; or the lost or stolen laptop, smartphone or USB stick.
Paragon’s privacy, cyber & technology liability policies are modular in style. We can tailor a combination of the following coverages to fit your exposure:
- Privacy & security liability – coverage for defence costs and damages to third parties and employees for the failure of network security resulting in a violation of a right to privacy or confidentiality or resulting in a denial of service attack or virus transmission.
- Breach notification costs – coverage for the costs to notify individuals of a release of their private information, as well as costs to provide credit-monitoring or other services in the event of a security breach.
- Regulatory defence – coverage for defence costs and damages as a result of regulatory action following a security breach.
- Loss of network asset – coverage for the costs of specialists and investigators to assess and repair system damage, including the costs to restore or replace data after a security breach.
- Loss of business income – coverage for the loss of business income if systems or data assets were lost, corrupted or inaccessible as a result of security breach.
- Public relations – coverage for the costs to engage public relations assistance in the event of security breach.
- Media liability – coverage for defence costs and damages to third parties arising out of the release or display of any media resulting in a violation of the legal issues which apply to traditional publishers, such as copyright, defamation and infringement of intellectual property.
- Technology liability – coverage against potentially expensive and distracting litigation involving professional negligence or charges of breach of contract in the performance of technology products and services.
We can also provide guidance through our bespoke risk management services to help organisations understand and mitigate potential exposures.