Cyber and Privacy Limits Liability Models

Cyber and Privacy Liability is one of the fastest growing risk areas in business today. One of the most difficult parts of this coverage is trying to quantify the size of the exposure and purchase appropriate limits to satisfy the needs of a business. In order to help our brokers in making risk assessments for clients, we have built a limits analysis tool that can help you in establishing a robust Cyber and Privacy Liability insurance program.

We use three different models for breaches of up to 100,000 records that will illustrate what some of the potential exposures could be. We have taken information from the well-known Ponemon Institute that uses a simple per record value, along with a linear model that uses a fixed cost per breach along with a cost per record breached, and then added in a third regression analysis that combines the information provided by these first two models.

Finally, we broken down the various types of costs associated with a breach and classified them into potentially insurable and uninsurable losses to help make a determination on the limits that can be considered for various clients.

At the end of the day, we still believe that the limits a client purchases should satisfy its unique needs and make them comfortable that they have minimized their exposure through a combination of self insurance, retentions and insurance coverage.

To understand your company’s potential Possible Insurance Loss and potential Possible Total Loss, indicate below the approximate amount of records the company has. Based on this information, we will provide you with a risk assessment if a breach occurs.

Approximate amount of Records in the Company.
examples: 25 000, 50 000, 100 000

*Note that a "record" is simply defined as a single piece of personally identifiable information, such as client's names and addresses, financial items such as credit card information or banking information, or medical information.

If you require additional assistance or have any questions about validating the attached bond, please contact Trisura at info.portal@trisura.com or 1-844-264-3317.