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Definitions related to Cyber Liability Insurance


Data Breach - A data breach is a security incident in which sensitive, protected or confidential data is copied, transmitted, viewed, stolen or used by an individual unauthorized to do so.  Data breaches may involve financial information such as credit card or bank details, personal health information (PHI), Personally identifiable information (PII), trade secrets of corporations or intellectual property.

Personally Identifiable Information - any information about an individual maintained by an agency, including (1) any information that can be used to distinguish or trace an individual‘s identity, such as name, social security number, date and place of birth, mother‘s maiden name, or biometric records; and (2) any other information that is linked or linkable to an individual, such as medical, educational, financial, and employment information.  For example, a user's IP address is not classed as PII on its own, but is classified as linked PII.

Protected Health Information - any information about health status, provision of health care, or payment for health care that is created or collected by a "Covered Entity" (or a Business Associate of a Covered Entity), and can be linked to a specific individual. This is interpreted rather broadly and includes any part of a patient's medical record or payment history.

Privacy Protection - Covers costs to defend and resolve claims with regard to the handling of personally identifiable or confidential corporate information; negligence, violation of privacy or consumer protection law, breach of contract and regulatory investigations; issues resulting from the failure of network security, including the negligent transmission of a virus and the inadvertent participation in a DDoS attack against a third party.

Breach Costs - Coverage for costs associated with responding to a breach, such as forensic costs to confirm and identify the breach, costs to notify affected individuals, credit protection services including costs to staff a call center for redemption of monitoring offers, and crisis management and public relations costs.

Cyber Business Interruption - Covers financial loss, such as business income when a company has its network-dependent revenue interrupted. Traditionally, this has been for fire, flood, etc. but technology growth has created new BI perils (viruses, tech failures, programming errors and computer hacking).

Hacker Damage - Covers costs to recreate or repair damaged or destroyed data, systems or programs. In a digital world, property is no longer exclusively tangible, so specialized coverage is needed to pay for intangible data recovery costs.

Cyber Extortion - Covers the response costs and financial payments associated with network-based ransom demands. With the proliferation of ransomware such as Cryptolocker and anonymous currencies such as Bitcoin, network extortion demands are on the rise. In the digital world, intangible assets are ‘kidnapped’ and extorted with threats to shut down a system or divulge sensitive or proprietary information.

Multimedia Liability - Costs to defend and resolve claims related to online content, such as defamation or trademark or copyright infringement.


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