Enhancements include coverage for confidential information protected under foreign privacy laws and breach notification laws; and expansion of the definition of a privacy event to include the failure to comply with an organization’s privacy policy or the wrongful collection of confidential information.
Also included is a “goodwill option” that provides policyholders with the option to offer a credit, coupon or rebate for future purchases in lieu of credit/identity monitoring in the event of a data breach; and an updated definition of a computer system to include coverage for an organization’s use of cloud computing resources.
Chartis says that, in addition to the coverage available for litigation stemming from a network security or privacy breach, and costs associated with managing and addressing a privacy event, security failure, network interruption or cyber extortion threat, CyberEdge provides insureds with services aimed at preventing loss. These include two complimentary hours of risk consultation with a privacy attorney and/or an IT security assessment expert. Insureds also receive access to the eRisk Hub risk management and loss prevention portal that features information on security and privacy best practices; insights on the legal, risk and regulatory environment; and tools to support breach recovery planning.
