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Liberty Mutual Insurance Co. on Monday said it is offering cyber coverage to users of its commercial package products and monoline general liability policies for small and midsize businesses.
The data security endorsement consists of four optional coverages with separate aggregate limits of up to $1 million, and separate, varying deductibles of $2,500 to $10,000 per coverage, Boston-based Liberty Mutual said in the statement.
The data compromise response expense coverage aims to protect against losses incurred from a data breach, including customer notification, legal review, forensic information technology review, and regulatory and payment card industry fines.
The data compromise defense and liability coverage offers third-party liability and legal defense of a lawsuit resulting from a data breach of personal information.
The attack and extortion coverage addresses expenses related to repairing, creating and restoring data and systems after a breach, and the cost to hire a negotiator when responding to an extortion threat.
Finally, the network security liability coverage aims to defend against losses from a breach of confidential third-party business data, as well as the unintentional forwarding of malware, according to the statement.
Cyber attacks and terrorism are the most threatening emerging risks for the insurance and reinsurance industry in 2015, according to a survey released Wednesday by Guy Carpenter & Co. L.L.C.