Insuranceciooutlook

Hanover's New Suite Covers Data Breach and Cyber Attack Loss

By Insurance CIO Outlook | Friday, November 30, 2018

WORCESTER, MA: The Hanover Insurance Group, provider of property and casualty insurance launches a new suite of cyber products to protect businesses from data breach and cyber attack related losses.

The enhanced business owner's policy data breach coverage provides first party protection to cover the cost a business faces when a data breach occurs. It includes notification and investigation expenses such as credit monitoring and forensic analysis expenses, cyber business interruption and extra expenses incurred due to a data breach, breach restoration expenses for the cost of labor to recreate or copy lost or stolen data, additional expenses including legal services, public relations, data breach theft and data breach ransom and reward, fraud alert, identity restoration and consulting services.

The new cyber liability coverage also includes defense and liability protection for claims brought by a third party. It includes privacy and security liability for third party claims arising from a privacy or security breach, loss or theft of personal data, violation or failure of the insureds' systems and cyber media liability for electronic media breaches such as infringement, trademark and plagiarism, invasion of privacy, libel, defamation and slander.

It enables independent insurance agents to deliver more value to their customers thereby offering more protection against the threat from cyber attacks and data breaches. The company distributes all of its products, including the new cyber and data breach products, exclusively through independent insurance agents. The local agents will help their customers understand complex insurance coverage and select the insurance protection that fits the needs of their businesses.

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