Cyber coverage provided via your CPAGold™ policy.
Cyber coverage, otherwise known as Electronic Media, Network security or Data protection insurance is provided by the CPAGold™ program in three separate areas:
In the CPAGold™ policy:
The comprehensive CPAGold™ policy provides both first party and third party (legal liability) coverage.
First party coverage is provided in the Section 1.2 Additional coverages via the following sections:
Client notification and consultant costs – CPAGold™ will reimburse you up to $50,000 for the cost of hiring a third-party consultant or adviser to mitigate the potential of legal liability claims arising from any security breach which results in the loss or theft of confidential client information. This coverage is not be subject to the deductible.
Reputation protection coverage – CPAGold™ will reimburse you up to $10,000 per claim/$50,000 per policy period for reasonable fees, costs and expenses incurred by you for consulting services provided by a public relations firm approved by us to you in response to a reputation claim. This coverage is not subject to the deductible.
Third Party (legal liability) coverage is provided up to the full limits of the policy.
The policy specifically provides comprehensive protection for:
Privacy covered acts – CPAGold™ provides broad coverage for:
- Loss or theft of client information transmitted via electronic media or contained on any portable computer or media device used for professional services;
- Personal injury arising from your use of electronic media, including the publishing of an Internet website or your memberships of a social networking website;
- Misdirection of electronic mail or other electronic media; or
- Solely with respect to client notification and consultant costs, loss or theft of confidential client information.
Network security – CPAGold™ will cover
- Introduction of a computer virus or cybertoxin into, or enabling a denial of service attack on, a third party’s computer, computer system, or network;
- Enabling unauthorized access by a third party into another third party’s computer, computer system or network; or
- Unauthorized access by you into another third party’s computer, computer system or network.
Via the Client Identity Theft Endorsement:
Via this endorsement the definition of damages is amended to include “a compensatory monetary amount for which you may be held legally liable, including any amounts to correct, monitor and safeguard personal identities, other than your personal identity, that you have a legal liability to protect from identity theft.” Coverage is provided up to the full limits of the policy.
Via the Enhanced Cyber Coverage endorsement:
This endorsement expands coverage to include free additional coverages for up to $50,000 per incident/$50,000 aggregate (which may be increased to $500,000/$1,000,000) for:
- Breach and monitoring costs (replaces Client notification and consultant costs above);
- Loss of digital property;
- Business interruption and additional costs of working; and,
- Cyber extortion.
The foregoing is for illustrative purposes only. Only the policy form and endorsements themselves can provide actual coverage wording and conditions. These endorsements are subject to underwriter approval and may not be offered or available to all firms.