• Encouraging Driver Health & Wellness for Businesses
  • Helping to Keep Your Drivers Safe in Dangerous Conditions
  • 4 Summer Driving Hazards to Be Aware Of
  • Put My Home in Vacation Mode
  • Dryer, Dryer Pants on Fire: Dryer-Safety Tips

How Does Cyber Insurance Work?

The cost of dealing with a data breach goes beyond repairing databases, strengthening security procedures or replacing lost laptops. Regulations requiring notifications of affected customers also drive costs for companies in which a data breach compromises personal or confidential data. Traditional business insurance may not be enough to protect companies from cyber-crime. But just how does cyber insurance work?

Typically, there are a number of different coverages available. To have the coverage that is right for your company, you and your agent can work together to tailor the coverages based on the specific risks your business faces. Following are some explanations of typical elements of a Travelers cyber insurance policy.

Third-Party (liability) and First-Party Coverage

What it does: Companies have an obligation to keep their customers’ protected health information (PHI) and personally identifiable information (PII) confidential. They may face potential liability if the information is exposed in a data breach. This coverage protects companies for liability to others and reimburses companies for expenses related to a data breach, which could include legal counsel and defense, a digital forensics team, notification costs, crisis communications and setting up a call center and credit monitoring for those affected by the data breach.

Why it’s important: Many companies store their customers’ confidential information, PHI and PII, as well as confidential corporate information, either for themselves or for another company. For example, an employee benefits company may have personnel records for the employees of dozens of companies it serves, which can mean that a single breach presents the potential for significant liability.

Worldwide Coverage

What it does: Claims and events can occur anywhere in the world, and notification requirements differ by location. To help fulfill these requirements, policyholders can access Travelers’ network of forensics, crisis communications and legal experts to address claims made or events occurring anywhere in the world.

Why it’s important: If a company has a data breach, it must follow the privacy laws that govern where its customers live, not just where it is headquartered. This can be costly, confusing and time-consuming for a company without specialized resources. Read more

Recent Articles & News
  • Encouraging Driver Health & Wellness for Businesses
    anemptytextlline
    anemptytextlline
  • Helping to Keep Your Drivers Safe in Dangerous Conditions
    anemptytextlline
    anemptytextlline
  • 4 Summer Driving Hazards to Be Aware Of
    anemptytextlline
    anemptytextlline
  • Put My Home in Vacation Mode
    anemptytextlline
    anemptytextlline
  • Dryer, Dryer Pants on Fire: Dryer-Safety Tips
    anemptytextlline
    anemptytextlline
  • ​What's the Best Day to Buy Gasoline?
    anemptytextlline
    anemptytextlline
  • 5 Car Safety Features You Might Not Be Using
    anemptytextlline
    anemptytextlline
  • What Should You Do at the Scene of a Car Accident?
    anemptytextlline
    anemptytextlline
  • Road Rage Avoidance and Safety Tips
    anemptytextlline
    anemptytextlline
  • Drowsy Driving: How to Stay Alert
    anemptytextlline
    anemptytextlline
  • Is Your Vehicle on Tech Overload?
    anemptytextlline
    anemptytextlline
  • Apple & Google "Do Not Disturb" Safety Feature Limits Phone Use While Driving
    anemptytextlline
    anemptytextlline
  • Distracted Driving Safety Tips
    anemptytextlline
    anemptytextlline
  • All Roads are Not Created Equal: Tips for Rural vs. Urban Driving
    anemptytextlline
    anemptytextlline
  • Pros and Cons of Buying a House Now
    anemptytextlline
    anemptytextlline
  • 7 Family Activities You Can Do While You're Working From Home During the Coronavirus Pandemic
    anemptytextlline
    anemptytextlline
  • 6 Home Organizing Projects to Keep Your Children Busy While You're Working From Home During COVID-19
    anemptytextlline
    anemptytextlline
  • 10 Tips for Staying Productive When Working From Home During the Coronavirus (COVID-19) Pandemic
    anemptytextlline
    anemptytextlline
  • Business Continuity Planning in 4 Steps
    anemptytextlline
    anemptytextlline
  • Creating a Safety Culture in the Workplace
    anemptytextlline
    anemptytextlline
  • How to Onboard and Train Employees into a Safety Culture
    anemptytextlline
    anemptytextlline
  • An Engaged Workforce Can Improve Safety
    anemptytextlline
    anemptytextlline
  • Tips to Help Keep Employees and Visitors Safe in Parking Lots
    anemptytextlline
    anemptytextlline
  • 5 Tips for Childproofing Your Home
    anemptytextlline
    anemptytextlline
  • How to Prep and Open Your Pool for the Summer
    anemptytextlline
    anemptytextlline
  • Swimming Pool Safety Tips
    anemptytextlline
    anemptytextlline
  • Yard Safety
    anemptytextlline
    anemptytextlline
  • Tree Maintenance and Care
    anemptytextlline
    anemptytextlline
  • Summer Home Maintenance Tips
    anemptytextlline
    anemptytextlline