United Benefits addresses the changing risk landscape through cyber solutions and services designed to help businesses mitigate their risks.

Cyberattacks, operational errors, or technical failures can paralyze a business leading to significant financial loss, regulatory actions, and fines, disrupt operations, and create lasting reputational harm. As workforce reliance on technology increases, the likelihood of operational errors causing significant cyber incidents increases dramatically.

United Benefits strives to provide innovative solutions using our analytics and people solutions to identify exposures and find meaningful solutions to transfer your risk. The transfer of risk through the purchase of cyber insurance will help protect your company’s financial interest when faced with a cyber event. As such, it should be part of any company’s holistic cyber risk strategy.

Factors that increase the likelihood of a cyber event:

• New threat vectors: Ransomware and social engineering.
• Regulatory risks: Global privacy regulation, notably the EU General Data Protection Regulation (GDPR), continues to tighten with substantially increased financial consequences in the event of a privacy breach.
• Internet of Things: Increasing the number of connected devices that capture and share data.

Summary of cyber insurance coverage

Our innovative coverage solutions address specific cyber exposures across various industries. Cyber product offerings require careful analysis since there are no uniform set of coverage terms, exclusions, definitions, or conditions.

As companies continue to make investments in security and privacy protections, they will have further leverage to press on pricing and coverage improvements.

There are first and third-party coverages provided under most stand-alone cyber policies. First-party coverages may include the following:

• Breach response coverage — Breach response costs may involve legal, investigative, managing public relations, sending notifications to affcted individuals, complete identity theft restoration, data reconstruction and provide credit monitoring services.
• Business/network interruption — Indemnification for loss of income incurred extra expenses and claims preparation costs that arise directly from a network security breach or system failure, which disables the insured’s network.
• Cyber insurance — Covers your business’ liability for a data breach involving sensitive customer information, such as Social Security numbers, credit card numbers, account numbers, driver’s license numbers, and health records.
• Cyber extortion — Covers extortion payments and expenses to investigate a security threat to release or refuse to unencrypt sensitive information unless a ransom is paid. Coverage extends to payments made via traditional currencies and non-traditional crypto-currencies.
• Social Engineering — Sub-limited coverage may be available for money or securities transferred by an insured resulting from manipulation in breaking routine security procedures and best practices to gain access to systems, networks or physical locations, or for financial gain.

Third-party coverages may include the following:

• Network security and privacy liability coverage — Coverage for indemnity and defense costs for third-party claims and regulatory actions alleging a security failure or privacy event.
• Media Liability — Coverage for indemnity and defense costs for third-party claims alleging media wrongful acts such as defamation, disparagement, and copyright/trademark infringement in the dissemination of internet content and media.

The United Benefits advantage!

More than half of all cyber incidents are related to employees, and the average breach costs $4 million. Since cyber risk is both a people and capital problem, our solutions include the financial and infrastructure protection for you and your business.