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

Provides comprehensive liability coverage and breach response resources helping organizations manage and mitigate a cyber breach event. Key coverage components include:

Security and Privacy Liability Coverage (Including Employee Privacy):

Damages and claims expense payments from either a security wrongful act, privacy breach or security breach

Security Breach Response Coverage:

A breach response panel of specialist resources to respond to a cyber intrusion resulting in a security breach or privacy breach

Security Breach Assessment:

Coverage for analysis of systems following a security breach with respect to personal, non-public information

Multimedia Liability:

Coverage for damages and expenses legally obligated to pay arising out of a multimedia wrongful act

Privacy Regulatory Claims Coverage:

Coverage resulting in regulatory claim arising out of a privacy breach or security breach

PCI-DSS Assessment Coverage:

Coverage for amounts legally obligated to pay as a PCI DSS Assessment resulting from a security breach

Cyber Extortion Coverage:

Reimbursement for cyber extortion expenses and payments directly resulting from a cyber extortion threat

Business Income Interruption:

Coverage for income earnings loss sustained during a period of restoration resulting directly from a network disruption

Reputational Harm Loss:

Coverage for reputational harm, earnings loss and/or expenses loss sustained during a period of restoration resulting directly from a network disruption

Digital Asset Restoration Costs:

Reimbursement for the restoration costs incurred due to the alteration, destruction, damage, or loss of digital assets

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

A Cyber Resilience Advisory & Risk Transfer

Acting on the Presidential Proclamation made by then President Barack Obama, this U.S. state government wanted to figure out a way it could build up its state’s cybersecurity resiliency.

Cyber 101: Coverage Overview

Cyber risk continues to grow everyday. As organizations explore how to best combat this risk, cyber insurance is another resource that can help build resilience. There are many cyber insurance products on the market today, yet not all provide equal levels of protection.

Cyber Exclusions

Not all cyber insurance products are created equal. Coverage differences and exclusionary language amongst cyber policies has led to claims being denied, which often results in court rooms determining outcomes or large, unexpected losses that drive companies out of business.

Cyber 101: Minimum Cybersecurity Checklist

In the evolving cyber insurance market, carriers assess client risk when they review applications for cyber coverage. This checklist summarizes six areas for cybersecurity and the minimum standards that underwriters expect. While criteria for optimum rates and coverage is continually being updated, meeting these standards is a first step toward insurability.

Cyber 101: Sample Technical Specifications

In the increasingly challenging cyber insurance market, clients must be prepared to provide detailed descriptions of their cybersecurity programs. The below sections provide key underwriting questions and considerations required to obtain a cyber quote.

360° Cyber Risk Survey | 2022

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.

Read online, or download.

Cyber 360° Webinar Series

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 …

Cyber 360° Webinar Series Read More »

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.

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.

Have questions? Send us a message.

Risk Matters 115 | Cyber Myths

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 …

Risk Matters 115 | Cyber Myths Read More »

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.