Insurance Solutions
Cyber Risk
As Cyber Risk increasingly becomes the most common threat, cyber risk insurance helps defray the costs of a breach and offers vital remediation and mitigation support during the recovery phase. Risk Cooperative understands that each organization has its own unique cyber risk profile, and an out of the box solution may not work. Our cyber specialist team has worked to develop a suite of cyber insurance and risk transfer solutions that can be customized to meet specific client needs.
Cyber Services
Stand-Alone Cyber Insurance
Security and Privacy Liability Coverage (Including Employee Privacy):
Damages and claims expense payments from either a security wrongful act, privacy breach or security breachSecurity Breach Response Coverage:
A breach response panel of specialist resources to respond to a cyber intrusion resulting in a security breach or privacy breachSecurity Breach Assessment:
Coverage for analysis of systems following a security breach with respect to personal, non-public informationMultimedia Liability:
Coverage for damages and expenses legally obligated to pay arising out of a multimedia wrongful actPrivacy Regulatory Claims Coverage:
Coverage resulting in regulatory claim arising out of a privacy breach or security breachPCI-DSS Assessment Coverage:
Coverage for amounts legally obligated to pay as a PCI DSS Assessment resulting from a security breachCyber Extortion Coverage:
Reimbursement for cyber extortion expenses and payments directly resulting from a cyber extortion threatBusiness Income Interruption:
Coverage for income earnings loss sustained during a period of restoration resulting directly from a network disruptionReputational Harm Loss:
Coverage for reputational harm, earnings loss and/or expenses loss sustained during a period of restoration resulting directly from a network disruptionDigital Asset Restoration Costs:
Reimbursement for the restoration costs incurred due to the alteration, destruction, damage, or loss of digital assetsTechnology E&O
Specifically tailored to address the unique exposures presented by technology companies, this coverage that protects against third-party lawsuits by a customer(s) following discovery of an error or omission in the technology.
Intellectual Property Infringement
Protection for intellectual property infringement that arises after advertising your services in print, online, or on social media.
Cyber Stop Loss
For organizations, governments, states or municipalities requiring a customized higher limit program, Risk Cooperative is able to design cyber stop loss solutions. These are designed to work with an organizations risk appetite and threshold as it relates to cyber risk, taking into account the overall cybersecurity framework and technology stack into the underwriting determination. This approach enables us to design coverage for even the most challenging industry clients.
Cyber Warranty and Indemnification
Risk Cooperative has pioneered a unique new cyber warranty and indemnification solution designed to work alongside cybersecurity technology firms and managed service providers. Our team’s expertise in the cybersecurity domain allows us to vet the efficacy of cybersecurity technology platforms and managed service providers, and then design a customized cyber insurance program to work alongside their offering. This program is a highly customized and consultative engagement designed to integrate seamlessly into our partners business model. Our cyber warranty and indemnification program enable players in the crowded cybersecurity market to differentiate themselves from competitors and deliver added value for their customers.
Resource Library
This latest 360° Cyber Risk Survey report provides the most current benchmarked data informed analysis and actionable best practices to help middle market organizations senior leaders and boards of directors obtain a better understanding of the operational and financial impacts of cyber risks and a roadmap toward better operational resiliency Read online or download
This latest 360° Cyber Risk Survey report provides the most current benchmarked data, informed analysis, and actionable best practices to help middle-market organizations, senior leaders, and boards of directors obtain a better understanding of the operational and financial impacts of cyber risks and a roadmap toward better operational resiliency.
Read online, or download.
Did you know the average cost of a cyber attack exceeds $1M Given the highly systemic nature of cyber and increasingly interconnected world we are living in organizations can no longer afford to focus on merely being cyber compliant They must now evaluate all facets of their business to ensure operational and cyber resiliency Session 1 hellip
Did you know the average cost of a cyber attack exceeds $1M?Given the highly systemic nature of cyber and increasingly interconnected world we are living in, organizations can no longer afford to focus on merely being cyber compliant. They must now evaluate all facets of their business to ensure operational and cyber resiliency.
Session 1: Exposing & Mitigating Cyber Vulnerabilities
Cyber risk assessments form the foundation of an organization’s risk mitigation strategy by not only developing organizational cybersecurity awareness, but also by identifying an organization’s unique vulnerabilities. The presenter will provide a brief overview of sources of risk (third parties, IoT, hacking, phishing) and sobering data regarding the average impact of a cyber attack.
Companies must leverage every resource available to establish a layered and proactive defense. The biggest cyber threat to an organization often lies between the chair and the keyboard, hence the human element is an important part of the cyber equation. Educating staff via cyber hygiene training can turn employees from “cyber liabilities” to “vigilant proactive deterrents” against cyber-attacks. Coupled with technology solutions, an organization that employs a holistic enterprise-wide cybersecurity framework is best positioned to withstand the evolving range of cyber threats.
Materials
Webinar Recording | Slide Deck
Session 2: Your Strategy for Cyber Recovery
Building a resilient organization that can withstand a cyber intrusion goes beyond compliance and notification requirements. Cyber criminals can bring an organization’s operations to a halt with a single ransomware virus, leaving it without the financial means to meet payroll, deliver client services, or even pay for the necessary breach response services to revert its systems back online. Understanding the financial impact an organization can withstand is crucial to building cyber resilience. Equally as important is understanding the value of its data or potential reputational /revenue implications that often accompany a cyber incident. Companies need a robust cyber mitigation and response strategy to effectively manage a range of cyber crisis scenarios and maintain operational continuity. This session will review insurance coverages, crisis management strategies, and the importance of board/leadership oversight.
Materials
Webinar Recording | Slide Deck
InfraGard
In this episode of Risk Matters we are going to do a deeper dive on some of the thought leadership and concepts we ve developed at Risk Cooperative Today we discuss dangerous misunderstandings about cybersecurity which Risk Cooperative has also written about in 5 Cyber Insurance Myths YOU MIGHT ALSO BE INTERESTED IN Cyber Insurance Cyber hellip
In this episode of Risk Matters, we are going to do a “deeper dive” on some of the thought leadership and concepts we’ve developed at Risk Cooperative.
Today, we discuss dangerous misunderstandings about cybersecurity, which Risk Cooperative has also written about in 5 Cyber Insurance Myths.
