Cyber Liability

Cyber Insurance for New York and New Jersey Businesses

Cyber incidents can affect businesses of every size. A data breach, ransomware attack, fraudulent transfer or system outage may create expenses involving investigation, notification, legal services, data recovery and business interruption.

EDX Brokers helps commercial clients review cyber risks and explore available cyber insurance options through multiple insurance markets.

What Cyber Insurance May Address

Depending on the policy and underwriting requirements, cyber insurance may respond to:

• Data breach response expenses;

• Privacy and network security liability;

• Ransomware and cyber extortion;

• Data restoration and system recovery;

• Business interruption caused by a covered cyber event;

• Notification and credit monitoring expenses;

• Digital forensics and incident response;

• Defense costs and regulatory proceedings;

• Cyber crime and fraudulent funds transfer;

• Media liability and reputational harm.

Coverage, exclusions, sublimits and deductibles vary by policy and carrier. A cyber application may require information about your network security, backup procedures, multi-factor authentication, remote access controls and employee training.

Who May Need Cyber Insurance?

Cyber coverage may be relevant for:

• Laundromats and multi-location businesses;

• Landlords and property management companies;

• Retail stores and restaurants;

• Contractors and construction companies;

• Professional service firms;

• Businesses that accept credit card payments;

• Companies that store customer or employee information;

• Businesses that rely on cloud software or online systems.

Our Review Process

We can help you:

1. Identify your main cyber exposures;

2. Review existing coverage and exclusions;

3. Gather underwriting information;

4. Submit the risk to appropriate insurance markets;

5. Compare available terms, limits, deductibles and conditions;

6. Coordinate with your other commercial insurance policies.

Request a Cyber Insurance Review

If your business accepts electronic payments, stores personal information or depends on computer systems to operate, contact EDX Brokers for a commercial cyber insurance review.