Cyber Insurance

Cyber Liability Insurance

Cyber Insurance protects financial institutions against losses arising from a privacy or network security breach, system failure, lost data, extortion threat, and liability and defense costs that arise from these risks. Proctor Loan Protector’s cyber insurance program also covers expert services to mitigate a cyber incident, lost business income, and coverage for regulatory fines and penalties. Reputational damage can further exacerbate a cyber incident. Proctor Loan Protector’s policy covers lost reputational business income after an incident. Purchasing a cyber insurance policy is increasingly important as cyber risks continue to evolve.

key features Applies to Coverage Incident Response Services Requirements

Access to incident response services
New coverage endorsements
Simple 1-page indication application
Quick turnaround

What is Cyber Insurance

key features

Access to incident response services
New coverage endorsements
Simple 1-page indication application
Quick turnaround

What is Cyber Insurance

Applies to

Financial institutions: mortgage servicers, community banks, credit unions, etc.
Fintech companies
MSR buyers and sellers

Coverage

Incident Response

Covers crisis management expenses, forensic expenses to determine the scope, cause, or extent of an incident, and privacy breach expenses including legal expenses, customer notification expenses, and customer support/call center expenses.

Network Interruption and Loss of Income

Covers restoration expense, loss of business income, and business continuity expense, as a result of direct network interruption or contingent network interruption. Covers hardware and software replacement, and reputational damage.

Cyber-Extortion and Ransom

Covers any credible threat by a third party to release or destroy information, release a computer virus, or restrict access to your system. Terms of this coverage must be kept confidential.

Regulatory Fine and Penalties

Covers attorney fees to defend, investigate, or appeal a regulatory action, and fines and penalties imposed by a regulatory body as a result of a privacy breach. Covers fines and penalties for non-compliance with the Payment Card Industry Data Security Standard, and defense of any PCI action.

Privacy and Network Security Liability

Coverage for damages and claims expenses when legally liable as a result of a privacy and network security event.

Multimedia Liability

Coverage for damages and claims expenses when legally liable as a result of the release of multimedia content that results in a multimedia wrongful act including libel, slander, plagiarism, or infringement of copyright.

Defense

Covers defense and settlement of claims made as a result of a privacy and network security event, network interruption, or cyber-extortion and ransom event.

Incident Response Services

Crisis management expenses
Forensic expenses to determine the scope, cause, or extent of an incident
Privacy breach expenses including legal expenses, customer notification expenses, and customer support/call center expenses.