Costero Brokers Ltd. are one of the early innovators of the cyber market in Lloyd’s and have experience going back to its creation. We continue to create tailor made or modular products for both commercial and personal lines cyber.
Commercial 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, server’s 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 Brokers Ltd. offers the following 1st and 3rd party coverages which can be packaged in a modular way to fit your clients 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
Our Personal Cyber insurance product (available in the UK, USA and Europe) helps individuals and families to reduce their exposure to a cyber attack and gives them peace of mind with specific cyber risks. It includes a free personal cyber risk assessment via a specialist vendor and includes the following coverages:
Computer Attack – Reimburse the costs to repair or replace the affected PC’s, tablets, IOT and smart appliances;
Network extortion – reimburse the costs and expenses of engaging an IT expert to remove malware and deal with a ransomware incident including the reimbursement the ransom or extortion for the release of personal information or the third party’s confidential information;
Data loss recovery – reimburse costs and expenses to restore personal information and digital assets that has arisen due to a cyber incident;
Identity theft – reimburse the costs to rectify credit records through theft of ID; reimburse expenses (including travel above 240km) to resolve issues with credit records. Access to credit monitoring for 12 months after the incident;
Unauthorised online transactions – Reimburse the financial losses suffered pay for the unauthorised purchases where a bank will not reimburse the funds (credit cards are excluded);
Mobile banking protection – Reimburse the financial loss arising from the Unauthorised Use of Your Mobile Payment App following the loss or theft of Your Mobile Device.
Structure of Placement
Insurance (Single Risk or Binders), Parametric or Reinsurance