According to a press release, key features of The Hartford’s new CyberChoice 2.0 product include:
- Third-party coverage for data privacy and network security liability, Internet and electronic media liability, and professional services liability;
- First-party business interruption coverage in the event of a network security breach;
- First-party cyber extortion coverage for threats against data and identity theft;
- Intellectual property coverage for advertising and technology products;
- Reimbursement for expenses related to responding to a major privacy event, including notification of affected parties, costs for managing the crisis, data privacy regulatory fines, cost associated with credit monitoring, and investigation of the event by outside experts;
- Up to $10 million in coverage limits.
“In the last decade alone, personal data has become a valued company asset for businesses in the U.S. and abroad,” said Drew Bartkiewicz, vice president of Cyber and New Media Risk at The Hartford, in the announcement. “With companies doubling their data volume every year and new regulations on the horizon, experts predict that the problem of data risk will continue to threaten businesses – and that the likelihood that a company and/or organization will experience a data breach will increase exponentially.”
More information about CyberChoice 2.0 can be obtained at www.hfpinsurance.com or by calling Patricia Fitzgerald at (212) 277-0457.