Executive Perils is here to assist you when evaluating your commercial and financial institutions clients’ technology exposures. The area of Cyber Insurance is new, and there are many different approaches and unproven policies offered today. It is important that your client is getting the best coverage available. Rapid changes to the Internet and technology force insurance companies to continually change their approaches toward “cyber” exposures.

We are available to assist with the following segments of the “New Economy”:

• Business to Business (B2B) exposures
• Business to Consumer (B2C) exposures
• Internet Service Providers (ISP), mobile, cellular exposures
• Internal technology infrastructure exposures
• Corporate “brochure” web site exposures

Due to the perils associated with technology, traditional insurance products will not adequately protect the Internet/technology exposures. Not all technology insurance products address all the perils/exposures.

Although each insurance program should be tailored to the specific needs of each insured, the general coverage consist of the following:

Media Liability
Protection for claims arising out of the content of the web site. Including trademark, copyright, Defamation, privacy, libel and slander. Including discrimination, and defacement. Also known as “contextual liability”.

Unauthorized Access and/or Denial of Service
A hacker, cracker, disgruntled employee(s), competitor, terrorists, or prank by an Internet ‘gangster’ can cause this claim.

e-Professional or Professional E & O
Many of today’s web sites include a direct or indirect professional liability exposure. Attorney, real estate, medical, insurance agents, etc. web sites also contain their professional exposures. Contingent liability exposures also need to be addressed.

Loss of Income / Business Interruption
Income from a web site can be interrupted due to ‘technology’ perils that are not addressed by traditional property insurance.

Cyber Extortion
There have been numerous extortion events demanding payment to avoid proprietary information, credit cards, and other information from being released to the general public.

Data and Software Destruction
Reestablishment of the content of the web site. The cost associated with rebuilding the total web site.

Theft of Money, Securities and Other Property
The unauthorized theft of money, securities and other information, including trade secrets, client lists, proprietary information, and etc.

These coverages can cause both first party and third party exposures and claims.