You must make every reasonable effort not to divulge the existence of this Cyber Extortion coverage.Įxtortion Extortion means to directly or indirectly demand or accept a bribe, facilitating payment or kickback or other payment by threat of force, intimidation or exercise of authority. The Retention shall be satisfied by monetary payments by the Named Insured of covered Cyber Extortion Loss. With respect to Cyber Extortion, “loss” means “ cyber extortion expenses”. The Insured shall use its best efforts at all times to ensure that knowledge regarding the existence of the Cyber Extortion Loss Coverage afforded by this Policy is restricted as far as possible.Ĭyber ExtortionTo indemnify the Named Insured for Cyber Extortion Loss, in excess of the Retention, incurred by the Insured Organization as a direct result of an Extortion Threat first made against the Insured Organization during the Policy Period. With respect to Data Compromise Response Expenses, Computer Attack and Cyber Extortion, “coverage territory” means anywhere in the world.ĭata Recovery Costs will not include: (i) the monetary value of profits, royalties, or lost market share related to Data, including but not limited to trade secrets or other proprietary information or any other amount pertaining to the value of Data (ii) legal costs or legal expenses (iii) loss arising out of any liability to any third party or (iv) Cyber Extortion Loss. The Cyber Extortion sublimit of liability stated in the Declarations is the sublimit of liability payable under Section I.Ĭyber Extortion, in the event of an "extortion threat" to which this insurance applies, the "insured" shall notify us by calling the phone number for the Cyber Extortion Threat hotline shown in the Declarations immediately upon receipt of any "extortion threat", and shall thereafter also provide written notice by facsimile, email, through our web or mobile app portals, or express mail within five days following the "extortion threat".
Purchasing insurance that will cover you from cyber threats including cyber extortion protects the business you’ve worked to build and gives you peace of mind.Examples of Cyber Extortion in a sentenceĬyber Extortion of this Coverage Form and is part of and not in addition to the Aggregate Limit of Liability.
Consider DDoS upgrades – Distributed Denial of Service attacks are very common to degrade a business system.Always update your security software, including malware and virus definitions, in a timely manner. Update security software regularly – there’s no better protection for data breach than preventing it from happening in the first place.Create back-ups of everything – should your business fall victim to cyber extortion, even if you lose all data saved locally on your computer, you still have the means to recover the data and rebuild your digital infrastructure.More data equals more risk and certain types of data are more sensitive. Know your data – you will never know how much risk you are exposed to unless you fully understand the amount of personal information your business holds about customers or clients.Luckily, there some ways to stop the attack and maintain the integrity of your business. With an attempt to damage, disrupt or gain unauthorized access on your system, the main goal of these attackers is to extort money from your business. One rampant form of malicious internet attack that is affecting businesses is cyber extortion. How can you Reduce the Risks of Cyber Extortion?
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