Commercial Cyber

Costero is one of the early innovators of the cyber market in Lloyd’s and has experience going back to its creation. We continue to create tailor-made or modular products for both commercial and personal lines cyber.
The use, storage, and value of data and technology is increasing rapidly as it becomes more and more integral to every industry globally. Our dependence on our cloud networks, servers, and third-party IT providers functioning as you would expect is vital. Failure to any of these can lead to significant costs and create substantial legal liabilities whilst damaging public confidence in a company’s brand and a direct loss of income. With the increasing threat of cyber crime and the level of sophistication on which these and other malicious attacks to businesses occur in both severity and frequency, the demand for “cyber liability insurance” is increasing.
Costero offers the following first- and third-party coverages which can be packaged in a modular way to fit your client’s needs:
  • Cyber incident response costs (including IT forensics, legal, breach notification and crisis communications)
  • Cybercrime and Ransomware, including social engineering, theft of personal funds, cyber extortion, and unauthorised use of computer resources (e.g., cryptojacking or botnetting)
  • System damage and business interruption (including full data re-creation, income loss and extra expense, additional extra expense and hardware repair and replacement)
  • Reputational Harm – loss of income due to adverse media reports caused by a cyber breach. Allows for costs to engage public relations experts to mitigate any brand loss in the event of a claim.
  • Network security and privacy liability (including management liability arising from a cyber events and regulatory fines and penalties)
  • Media liability (including defamation and intellectual property rights infringement)
  • Technology errors and omissions
  • Court attendance costs

Geographic Scope


Structure of Placement

Insurance (Single Risk or Binders), Parametric or Reinsurance