Individuals, businesses and government entities continue to be concerned about falling victim to a cyber-crime or data breach. These concerns are not lost on MCIT or its members. As such, MCIT provides a comprehensive program of data compromise and cyber-attack coverage, including hacking, malware, ransomware (cyber extortion), viruses and even simple acts of neglect by employees.
Data Compromise, CyberOne Coverage Summary
The MCIT data compromise and cyber-attack coverage solution is issued and administered by Hartford Steam Boiler (HSB). HSB’s suite of coverage is provided to all MCIT members without the need for an underwriting questionnaire.
The coverage provides an annual aggregate limit of $100,000 for county members and $50,000 for noncounty members for each of the following four coverage sections (see graphics).
- First-party data compromise response expense coverage assists members when responding to a breach of personal information. This includes coverage for expenses incurred by members for notification to effected individuals, credit monitoring, legal review and outside computer experts. Coverage is subject to specified sublimits and the member’s deductible.
- Third-party data compromise defense and liability coverage provides for defense and associated liability costs, including claim settlement, arising from an action brought by an individual affected by a data breach. Coverage is subject to the member’s deductible.
- First-party computer attack coverage responds upon a member’s discovery that a computer attack, such as a hack or unauthorized access to a computer system, attack by a virus or other malware, or a denial of service attack to the member’s system, has affected a computer owned or leased by the member. This section includes coverage for cyber extortion or ransomware claims. Coverage is subject to specified sublimits and the member’s deductible.
- Third-party network security coverage provides for defense and associated liability costs, including claim settlement, arising from a claim or suit brought by a third party alleging a member’s systems security failure resulted in damages caused by a breach of business information, propagation or forwarding of malware, or the abetting of a denial of service attack. Coverage is subject to the member’s deductible.
The above is a brief summary of the coverage provided. Members should read the entire section related to cyber-coverage in the current year’s MCIT Coverage Document for a full explanation of the coverage and conditions and be alert for MCIT educational resources.
Learn More About Data Compromise and Cyber-attack Coverage
- Watch the current Coverage Review for additional discussion of data compromise, cyber-attack coverage.
- Contact MCIT risk management consultants to ask questions and discuss coverage about specific situations.
Added Services to Manage Risks of Data Compromise and Cyber-attacks
- Experienced Cyber-claims Professionals: HSB has been in the cyber space for more than five years and brings to the MCIT membership an experienced claims adjusting team. The team is familiar with these varied and specialized losses and help direct and coach members through their claims.
- Cyber-crime Experts: HSB has also assembled a panel of attorneys, forensic information technology and public relations professionals, which will be available to members for engagement in the event of a covered claim.
- Cyber-security Information and Resource Portal: MCIT in collaboration with HSB is in the process of developing a web portal that will provide members access to cyber-resources and information. Check back for a link to this portal once it is live.