AXIS INSURANCE SERVICES, LLC: The Privacy, Cyber & Network Security Liability Insurance Specialists
Cyber threats affect every profession – from the healthcare industry with online medical records and the use of smart devices, to law firms that have confidential sensitive information in their files that if hacked into can be misused by criminals. In addition, the rise of spear phishing attacks – sending a targeted email that appears to come from a trusted source in order to trick the recipient into opening a malicious attachment or visiting a malicious website where malware is downloaded to their computer – combined with business email compromise to get companies to erroneously wire transfer money, employee negligence, and cyber extortion have all made for a very complex cyber security landscape for any business.
Insurance Coverage to Respond to Today’s & Tomorrow’s Risks
At Axis Insurance Services, LLC, we understand the cyber exposures you face and are committed to keeping our pulse on emerging risks as hackers become increasingly more sophisticated in targeting vulnerabilities that exist in our digital and connected world. We work with top-tier, leading insurance companies to deliver cost-effective tailored Cyber Liability solutions that respond to ever-evolving situations that can potentially compromise a company’s customer, patient and employee data, shut down an operation by infecting its network system, and disparage a firm’s reputation.
A Cyber/Privacy & Network Security Liability policy provides business professionals with coverage to cover first- and third-party costs arising from a data breach or theft of Personally Identifiable Information (PII) or information subject to HIPAA regulations. A policy can be designed to cover the defense costs and other expenses for the following:
Network Security – Covers claims made by third parties arising out of a breach of their computer network and data storage units or devices. This includes coverage for both online and offline information, denial of service attacks, and for the failure to prevent the transmission of a virus or malicious code.
Privacy Breach Response Costs – Includes coverage for the reasonable legal fees, public relations fees, advertising, IT/Data forensic services, credit monitoring, notification costs, identity theft restoration, and public relation expenses incurred by the insured in response to a privacy breach.
Network Asset Protection – Coverage for the reasonable and necessary sums required to recover and/or replace data that is compromised, damaged, lost, erased, or corrupted.
Regulatory Defense & Penalties – Coverage for defense costs and fines or penalties for violations of privacy regulations, including but not limited to HIPAA, Red Flags Rule, and the Hi-Tech Act.
Multimedia Insurance – Coverage for both online and offline media, including claims alleging copyright/trademark infringement, libel/slander, false advertising, plagiarism, and personal injury.
Business Interruption – Coverage for income loss or expenses due to a computer system outage or repair.