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Cyber Security Liability



One system hack can shut down a business. One policy can protect it.

There is a lot at stake in how your customers manage their data. One stolen laptop or one resourceful hacker can cause a data breach with enormous consequences. For example, did you know the average cost of a data breach in 2010 was $2.7 million?*

Since 2008, more than 500 million data records from U.S. businesses of all types and sizes have been compromised, including those containing customers’ private information and companies’ financials.**

The number of data breaches was up 29% in 2010, with over 350 breaches voluntarily reported across Canada in 2010, according to the Privacy Commissioner of Canada.

Every system upgrade, every remote device, every incoming e-mail can mean a new risk to your customers’ data and even electronic theft of their funds. And the risks are not only financial, they can also negatively impact your customer’s reputation.

One coverage solution for all your customer’s cyber exposures/h4> Your customers need contemporary coverage that can take on the full range of risks to their data and systems. That is exactly what CyberRisk was built for. It has the essential features your customers need for today’s and tomorrow’s technology exposures.

  • One stop shopping – CyberRisk boasts ten insuring agreements, which together deliver a truly comprehensive coverage solution. Patching coverage together with multiple insurers or traditional policies is now a thing of the past.

  • Flexible and scalable – Coverage can be customized to the needs of your customers. And smaller businesses can enjoy the same type of coverage available to larger businesses.

  • We know cyber – We have been writing technology related coverages for over 25 years. We are also a leading writer of related specialty crime coverages. We know what it takes to craft the right program for your customers.

Why ten insuring agreements?

Because the ripple effect can be staggering!

It is true. When your customer’s system, data or electronic bank accounts are compromised, the fallout can be far-reaching. See the other side of this sheet to read about potential claim scenarios arising from a breach and how the CyberRisk policy’s ten insuring agreements would respond.


The comprehensive choice for all your Cyber insurance needs.

Ask Clover  to learn more about CyberRisk.

*Source: Ponemon Institute 2010 Annual Study: ‘U.S. Cost of a data Breach, March 2010’

**Source: Verizon 2011 Data Breach Investigations Report.

Why your customers need our protection.

In today’s data-driven world where sensitive information is stored and transferred electronically, organizations of all sizes are vulnerable to costly and damaging liabilities from data security breaches that are occurring at alarming and growing rates.Whether your customer’s data is compromised by a hacker, virus, cyber thief, or simply because of lost or stolen computers, laptops, flash drives or smart phones, the breaches can have serious ramifications. There are substantial financial costs involved in finding and remedying a breach, including the cost of notifying customers – now legally mandated in 47 states – possible fines and legal expenses. Breach notification is also legally mandated in the province of Alberta, and with respect to personal health information in the provinces of Alberta, Ontario, New Brunswick and Newfoundland and Labrador. The company can also suffer immense damage to its reputation and from the interruption to business.CyberRisk coverage from Clover delivers a truly comprehensive coverage solution in a single policy. The following checklist illustrates key coverages and features every customer should have as part of its insurance program to protect against data breaches and related technology exposures:


CyberRisk Coverage Checklist

CyberRisk Coverage Highlights

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