Zurich Updates Cyber Insurance Policy, Includes More Coverages

Zurich Insurance has launched Zurich Cyber Insurance Policy with an updated form designed to help businesses protect themselves from cybersecurity risks.

The new form replaces Zurich’s Security & Privacy policy and brings together coverages previously available only through endorsements. Through this policy Zurich now includes network security monitoring and pre-breach services as part of its cyber insurance policy. The cyber insurance policy is consistent for Zurich customers worldwide and is available in North America through the Specialty E&O, Wholesale and Canadian underwriting teams.

In addition to previously covered offerings such as breach costs, business income loss, and dependent business income loss, the new policy features coverages previously not offered, including:

• Affirmative GDPR and PCI wording – for regulatory proceedings, assessments, fines and penalties associated with the enforcement of GDPR and Payment Card Industry (PCI)
• Reputational damage coverage – for reputational damage associated with an adverse media event resulting from a cyber breach
• Social Engineering Fraud Transfer Coverage – for funds lost from a social engineering fraud event
• System Failure and Dependent System Failure coverages – for the failure of a system or the failure of a service provider’s system resulting in a business interruption
• Voluntary shutdown and crypto-mining

The policy provides coverage to $25 million and includes:

• Definition of insured person extended to include temporary employees, volunteers or interns
  • Broad definition of computer system, including industrial control systems and bring-your-own-device (BYOD) programs
  • New first dollar claims avoidance coverage built into the policy

The new streamlined application includes simplified, clear language aligned with the National Institute of Standards and Technology (NIST) Cybersecurity Framework. It follows the NIST framework with questions that are easy to understand and complete.

Through its collaboration with ZenOpz, a leading managed security service provider (MSSP), Zurich cyber insurance policyholders around the globe can now receive complimentary 24/7 network security monitoring and vulnerability management services to assist companies in identifying specific risks that may exist and help them plan an effective path to remediation.

All Zurich cyber insurance policyholders have the option to engage with ZenOpz and thru them will have access to:

• Initial 360-degree review providing customers with a view of their overall data security program
• Security Intelligence Monitoring Service
• Continuous (24x7x365) Log Monitoring, Alerting and Reporting Services
• Weekly vulnerability scanning and reporting services with Patch Management recommendations

The first tier of cover includes the first 50 endpoints, at no additional cost for customers. Endpoints can be any network connected device that generates log data, including firewalls, servers, user workstations and connected laptops. Customers can add monitoring for more than fifty devices for an incremental fee to ZenOpz.

Topics Cyber