Insuring Innovation. CyberFirst Coverage for Technology Companies

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1 Insuring Innovation. CyberFirst for Technology Companies TECHNOLOGY IS EVERYWHERE. SO ARE THE THREATS. protection that goes well beyond a traditional general liability policy.

2 CyberFirst CyberFirst is a powerful modular approach to writing coverage that is broad enough and flexible enough to meet the complex needs of today s state-of-the-art technology companies. Threats are real, growing in both number and sophistication. There is an increased potential for errors & omissions, copyright or trademark infringement, and breaches of private information. Damages from these events can be devastating to your business bottom line or to the reputation you ve worked so hard to build. With this newest generation of CyberFirst, we ve expanded our already innovative specialty insurance coverage. The heart of its success is our flexible approach, and the addition of the Expense Reimbursement coverage module adds a new level of protection for our technology clients. To find out more about any of our CyberFirst coverages, contact your independent agent or visit travelers.com/technology. When it comes to technology innovation, the only thing holding you back should be your imagination, not your insurance. We understand the range of risks technology companies face today, and we re ready for what tomorrow may bring.

3 Your company has to be agile to stay ahead of the competition. Change can happen at hyper speed; CyberFirst s flexible approach helps you build the right coverage to fit your needs while providing global, enterprise-wide protection for your business. Build the policy you need to round out your protection. CyberFirst offers these insurance modules for technology companies: Click on any of the modules to learn more: Technology Errors & Omissions Network & Information Security NEW Communications & Media Expense Reimbursement CyberFirst Advantages

4 RETURN TO MENU Technology Errors & Omissions CYBERFIRST Sometimes, despite your best efforts, a customer will tell you that your product or your work failed to meet their expectations. When this happens, even your best customer may choose to make a claim against you alleging lost profits or business disruption. If you fail to insure these exposures with an errors & omissions policy, you ll pay the defense expenses and settlement costs out of your own pocket. Defense expenses alone can be catastrophic to your business. When you consider that well-written contracts are challenged in court every day and even high-quality products or services can fail to meet expectations, you need to protect yourself. CLAIM SCENARIO ONE: You design a radio unit that is integrated into a wireless telephone system. Contractors install a capacitor into your radio unit incorrectly as a result of an error in your schematics, causing failures to occur. Between 12,000 and 14,000 units are installed by the time the problem is discovered. Your client asserts a claim seeking to recover damages resulting from the failures. CLAIM SCENARIO TWO: You develop enterprise labor force software to integrate with a client s HR and payroll systems. You fall behind in delivering the work, resulting in missed milestones and nonfunctioning project modules. You contend that the client repeatedly changed the size and scope of the project. Ultimately, the client fires you and files a lawsuit, seeking to recover lost profits due to the disruption. RESULT: CyberFirst Technology E&O would be there to help because an errors and omissions wrongful act is defined as any error, omission or negligent act. CONTINUES ON NEXT PAGE Technology Errors & Omissions (E&O) coverage protects against damages that you must pay because of economic loss resulting from your products or your work and caused by an error, omission or negligent act.

5 CyberFirst is comprised of four modules. Build the policy you need to round out your protection. Technology Errors & Omissions Network & Information Security Communications & Media Expense Reimbursement Click on any of the modules to learn more. Travelers has been a leading insurer of technology companies for more than 25 years. Our Technology Errors & Omissions coverage helps protect you in every corner of the globe and in every business stage from garage to greatness. You can rest assured that if there s a claim or suit brought against your company for a covered wrongful act, you ll have the support and legal representation you ll need. Technology Errors & Omissions coverage is specifically tailored for today s high-tech companies. It protects your bottom line against damages that you must pay because of economic loss resulting from your products or your work that is caused by an error, omission or negligent act. Claims and suits for such damages typically not covered under a commercial general liability policy could be catastrophic. COVERAGE HIGHLIGHTS Enterprise-wide coverage Worldwide coverage (unless prohibited by U.S. law); we re with you wherever you re doing business; for operations in foreign countries that require a local policy, Travelers can assist in obtaining the local policy No exclusion for losses resulting from unauthorized access An expanded list of protected persons that includes: Others you must insure as required by written contracts Your unnamed subsidiaries Your newly acquired or formed organizations Employees, including permanent and temporary workers Independent contractors while performing duties related to your business available up to $25 million Extended reporting period (ERP) multi-year options are available POLICY FEATURES Duty to defend claims or suits Pay on behalf wording Newly formed organizations qualify as Named Insureds policyholder s retroactive date applies Our broad definition of damages includes punitive damages where insurable by law The cost to defend any claim, even the most frivolous, can be financially devastating. Have you assessed your exposure to Technology Errors & Omissions risks and the potential impact to your company? To find out more about any of our CyberFirst coverages, contact your independent agent or visit travelers.com/technology. The Travelers Indemnity Company and its property casualty affiliates One Tower Square, Hartford, CT travelers.com This material does not amend, or otherwise affect, the provisions or coverages of any insurance policy or bond issued by Travelers. It is not a representation that coverage does or does not exist for any particular claim or loss under any such policy or bond. depends on the facts and circumstances involved in the claim or loss, all applicable policy or bond provisions, and any applicable law. Availability of coverage referenced in this document can depend on underwriting qualifications and state regulations The Travelers Indemnity Company. All rights reserved. Travelers and the Travelers Umbrella logo are registered trademarks of The Travelers Indemnity Company in the U.S. and other countries. CP-7651 New 4-12

6 RETURN TO MENU Network & Information Security CYBERFIRST Technology businesses today are driven by data. With that comes the profound responsibility to protect your customers private information, to prevent the inadvertent transmission of computer viruses and to ensure that authorized users are able to securely access your website or computer network. The theft or misuse of private or confidential customer information occurs daily. Even though a company may not have done anything wrong, it may face suits from its customers. What if that happened to you? Would you be prepared to face this on your own? If your only insurance coverage is a general liability policy, it s likely you don t have coverage for this type of loss. CLAIM SCENARIO ONE: Your employee s company laptop is stolen from his home. The laptop contains private financial information of your customers. Your customers sue you for damages resulting from your failure to protect their private financial information. CLAIM SCENARIO TWO: Your employee inadvertently downloads a destructive computer virus that spreads to other files housed on your computer network. Your client downloads information from your website, allowing the virus to spread to the client s computer system and resulting in widespread loss of data and a computer network shutdown. Your client sues you, contending you should have prevented transmission of the virus. The client seeks damages for the lost data and economic loss caused by the network shutdown. RESULT: In both cases, CyberFirst Network & Information Security would be there to help because a network and information security wrongful act includes failure to prevent unauthorized access to, or use of, electronic data containing private or confidential information of others and failure to prevent the transmission of a computer virus. CONTINUES ON NEXT PAGE Network & Information Security coverage protects against risks associated with the failure to protect electronic data containing others private information, the inadvertent transmission of a computer virus, the inability of authorized users to access your website or computer network, and failure to comply with any security breach notification law that applies to you.

7 CyberFirst is comprised of four modules. Build the policy you need to round out your protection. Technology Errors & Omissions Network & Information Security Communications & Media Expense Reimbursement Click on any of the modules to learn more. Travelers has been a leading insurer of technology companies for more than 25 years. Our Network & Information Security coverage helps protect you in every corner of the globe and in every business stage from garage to greatness. You can rest assured that if there s a claim or suit brought against your company for a covered wrongful act, you ll have the support and legal representation you ll need. Network & Information Security coverage is specifically tailored for today s high-tech companies. It protects your bottom line against damages that you must pay because of economic loss resulting from the failure to prevent unauthorized access to or use of data containing private or confidential information, failure to prevent the transmission of a computer virus or the failure to provide any authorized user of your website or network with access. Claims and suits for such damages typically not covered under a commercial general liability policy could be catastrophic. COVERAGE HIGHLIGHTS Enterprise-wide coverage Worldwide coverage (unless prohibited by U.S. law); we re with you wherever you re doing business; for operations in foreign countries that require a local policy, Travelers can assist in obtaining the local policy An expanded list of protected persons that includes: Others you must insure as required by written contracts Your unnamed subsidiaries Your newly acquired or formed organizations Employees, including permanent and temporary workers Independent contractors while performing duties related to your business available up to $25 million Extended reporting period (ERP) multi-year options are available POLICY FEATURES Duty to defend claims or suits Pay on behalf wording Newly formed organizations qualify as Named Insureds policyholder s retroactive date applies Our broad definition of damages includes punitive damages where insurable by law The cost to defend any claim, even the most frivolous, can be financially devastating. Have you assessed your exposure to Network & Information Security risks and the potential impact to your company? To find out more about any of our CyberFirst coverages, contact your independent agent or visit travelers.com/technology. The Travelers Indemnity Company and its property casualty affiliates One Tower Square, Hartford, CT travelers.com This material does not amend, or otherwise affect, the provisions or coverages of any insurance policy or bond issued by Travelers. It is not a representation that coverage does or does not exist for any particular claim or loss under any such policy or bond. depends on the facts and circumstances involved in the claim or loss, all applicable policy or bond provisions, and any applicable law. Availability of coverage referenced in this document can depend on underwriting qualifications and state regulations The Travelers Indemnity Company. All rights reserved. Travelers and the Travelers Umbrella logo are registered trademarks of The Travelers Indemnity Company in the U.S. and other countries. CP-7652 New 4-12

8 RETURN TO MENU Communications & Media CYBERFIRST In today s world, copyright and trademark infringement can be just a mouse click away. With technology making it easier for creative material to be copied, plagiarized or misappropriated, it s increasingly likely to occur. With businesses becoming ever more vigilant about protecting their property rights, your material could be the subject of infringement or plagiarism claims. Failing to insure these exposures through a Communications & Media insurance policy means you would pay all defense and settlement costs out of your own pocket. Considering the average cost to defend a copyright or trademark infringement suit is more than $250,000, ask yourself this: would you be prepared to face this on your own? CLAIM SCENARIO ONE: You overhaul your website for the online launch of your new product. Your website now contains a new marketing logo for the new product. After seeing your new website, another company files a trademark infringement suit against you, contending your new logo is similar to its own trademarked material. The lawsuit seeks damages, as well as an injunction to stop you from using the trademark. CLAIM SCENARIO TWO: You place advertisements on your website and in your direct mailings to announce a new service offered by one of your important partners. The advertising contains material that your partner s competitor claims it owns. The competitor sues you, contending you are liable for damages caused by unauthorized use of the advertising material. RESULT: In both scenarios, CyberFirst Communications & Media would be there to help because a communications and media wrongful act includes infringement of copyright, title, slogan, trademark, trade name, trade dress, service mark, or service name in your covered material and unauthorized use of any advertising material, or any slogan or title, of others in the advertising of the business, premises, products, services, work or completed work of others. CONTINUES ON NEXT PAGE Communications & Media coverage provides broad coverage to protect against claims or suits for damages resulting from unauthorized use of someone else s copyrighted or trademarked intellectual property. It also covers unauthorized use of any advertising material or any slogan or title of others, and exposures resulting from plagiarism.

9 CyberFirst is comprised of four modules. Build the policy you need to round out your protection. Technology Errors & Omissions Network & Information Security Communications & Media Expense Reimbursement Click on any of the modules to learn more. Travelers has been a leading insurer of technology companies for more than 25 years. Our Communications & Media coverage helps protect you in every corner of the globe and in every business stage from garage to greatness. You can rest assured that if there s a claim or suit brought against your company for a covered wrongful act, you ll have the support and legal representation you ll need. Communications & Media coverage is specifically tailored for today s high-tech companies. It protects your bottom line against damages that you must pay because of economic loss resulting from infringement of copyright, title, slogan, trademark, trade name, trade dress, or service mark, unauthorized use of any advertising material, slogan or title, or plagiarism or unauthorized use of material.* Claims and suits for such damages typically not covered under a commercial general liability policy could be catastrophic. * for infringement of copyrighted software is available by endorsement to qualifying insureds. COVERAGE HIGHLIGHTS Enterprise-wide coverage Worldwide coverage (unless prohibited by U.S. law); we re with you wherever you re doing business; for operations in foreign countries that require a local policy, Travelers can assist in obtaining the local policy No exclusion for losses resulting from unauthorized access An expanded list of protected persons that includes: Others you must insure as required by written contracts Your unnamed subsidiaries Your newly acquired or formed organizations Employees, including permanent and temporary workers Independent contractors while performing duties related to your business available up to $25 million Extended reporting period (ERP) multi-year options are available POLICY FEATURES Duty to defend claims or suits Pay on behalf wording Newly formed organizations qualify as Named Insureds policyholder s retroactive date applies Our broad definition of damages includes punitive damages where insurable by law The cost to defend any claim, even the most frivolous, can be financially devastating. Have you assessed your exposure to Communications & Media risks and the potential impact to your company? To find out more about any of our CyberFirst coverages, contact your independent agent or visit travelers.com/technology. The Travelers Indemnity Company and its property casualty affiliates One Tower Square, Hartford, CT travelers.com This material does not amend, or otherwise affect, the provisions or coverages of any insurance policy or bond issued by Travelers. It is not a representation that coverage does or does not exist for any particular claim or loss under any such policy or bond. depends on the facts and circumstances involved in the claim or loss, all applicable policy or bond provisions, and any applicable law. Availability of coverage referenced in this document can depend on underwriting qualifications and state regulations The Travelers Indemnity Company. All rights reserved. Travelers and the Travelers Umbrella logo are registered trademarks of The Travelers Indemnity Company in the U.S. and other countries. CP-7653 New 4-12

10 RETURN TO MENU Expense Reimbursement CYBERFIRST In today s data-driven world where sensitive information is stored and transferred both on paper and electronically, organizations of all sizes are vulnerable to costly and damaging liabilities from data security breaches that are occurring at alarming and growing rates. Whether data is compromised by a hacker, virus, cyber thief, or because of lost or stolen computers, laptops, flash drives, smart phones or dumpster diving, the breaches can have serious ramifications. There are substantial financial costs involved in finding the cause of and remedying a breach, including the cost of notifying customers now legally mandated by almost every state. The company can also suffer immense damage to its reputation and from the interruption to business. CyberFirst offers eight optional first-party insuring agreements designed to help you protect your business. Security Breach Notification and Remediation Expenses for costs incurred by you as a result of a security breach to: determine the cause of the security breach and the persons whose identity information was accessed or acquired without their authorization; develop materials to notify the persons, and notification to those individuals whose identity information was accessed or acquired; provide credit monitoring for 365 days; and provide a call center to handle inquiries. CLAIM SCENARIO: A skilled cyber criminal hacks into your company s internal processing system. Names, addresses, and credit card information for over 50,000 of your members are captured out of the system. Expenses will likely include hiring a breach response firm to find the cause of and fix the breach, assisting with notice requirements and expenses, providing credit monitoring and a call center for impacted individuals, and obtaining an ID Fraud policy for affected victims. Crisis Management Service Expenses for costs associated with retaining public relations services to mitigate negative publicity generated from loss provided under any of your CyberFirst coverage forms. CLAIM SCENARIO: Your Chief Customer Service Officer has their laptop stolen. The laptop contains over 100,000 donor records, including their personal contact information. Expenses will likely include hiring a public relations firm to restore donor confidence or mitigate negative publicity generated from the incident. CONTINUES ON NEXT PAGE

11 CyberFirst is comprised of four modules. Build the policy you need to round out your protection. Technology Errors & Omissions Network & Information Security Communications & Media Expense Reimbursement Click on any of the modules to learn more. Business Interruption and Additional Expenses for loss of income, and additional expense incurred to restore operations, as a result of a computer system disruption caused by a virus or other unauthorized computer attack. CLAIM SCENARIO: Your organization s server is infected by a severe virus; and as a result, your donation website is not available for an extended period. This coverage will reimburse the net proceeds that would have been earned (or net losses that would have been avoided) resulting from the computer system disruption. Computer Fraud for loss of money, securities or other property due to unauthorized and fraudulent entry of data or computer instructions. CLAIM SCENARIO: An organized crime ring gains unauthorized access to your accounts payable in your computer system and alters the bank routing information on outgoing payments. The result: $1 million transferred to the crime ring s account. This coverage reimburses for the direct loss of money, securities or other property. Extortion Expenses for money you pay due to threats made regarding intent to sell or disclose information about your customers, initiate an intentional attack on your computer or communications network, destroy data, or other covered threats against you. CLAIM SCENARIO: You receive a series of notes which threaten to hack into your customer database and disclose all of the contact information to the general public. This coverage can include money or securities paid to the extortionist. Computer Program and Electronic Data Restoration Expenses for expenses incurred to restore, replace or reproduce damaged or destroyed computer programs, software or other electronic data stored within your computer or communications network as a result of a computer violation. CLAIM SCENARIO: A computer virus damages your operating system software and data. This coverage will reimburse costs for repair and restoration of your computer programs and electronic data. Funds Transfer Fraud for loss of money or securities due to a fraudulent transfer instruction to a financial institution. CLAIM SCENARIO: You receive an that appears to be from your bank but is not. Your employee opens the , which activates a computer virus called a Trojan horse that reads keystrokes. The perpetrator uses this means to obtain banking and password information and initiate a fraudulent electronic wire transfer from your bank account. This coverage reimburses funds that were fraudulently transferred. Telecommunications Theft for charges incurred by you that are directly attributable to the intentional, unauthorized and fraudulent access of your outgoing long distance services. CLAIM SCENARIO: A criminal gang gains access to your long distance telephone system, placing numerous calls to foreign countries. This coverage reimburses for the loss directly attributable to telecommunications theft. The Travelers Indemnity Company and its property casualty affiliates One Tower Square, Hartford, CT travelers.com This material does not amend, or otherwise affect, the provisions or coverages of any insurance policy or bond issued by Travelers. It is not a representation that coverage does or does not exist for any particular claim or loss under any such policy or bond. depends on the facts and circumstances involved in the claim or loss, all applicable policy or bond provisions, and any applicable law. Availability of coverage referenced in this document can depend on underwriting qualifications and state regulations The Travelers Indemnity Company. All rights reserved. Travelers and the Travelers Umbrella logo are registered trademarks of The Travelers Indemnity Company in the U.S. and other countries. CP-7654 New 4-12

12 RETURN TO MENU Advantages CYBERFIRST Travelers is your go-to carrier for protection against the emerging risks that technology companies face every day: Bottom Line Concerns? Privacy Concerns? Infringement Concerns? Expense Concerns? SOLUTION: CyberFirst Technology Errors and Omissions Technology Errors & Omissions coverage is enterprise-wide and specifically tailored for today s high-tech companies. It protects the policyholder s bottom line against damages they must pay because of economic loss that arises out of their products or their work and is caused by an error, omission or negligent act. Claims or suits for such damages typically not covered under a CGL policy. SOLUTION: CyberFirst Network & Information Security Network & Information Security coverage protects the policyholder against claims for loss caused by the failure to prevent unauthorized access to, or use of, data containing private information of others. The Network & Information Security coverage also protects the policyholder against claims for loss cause by the failure to prevent the transmission of a computer virus and failure to provide access to authorized users of the policyholder s website or communications network. SOLUTION: CyberFirst Communications & Media Communications & Media coverage protects against infringement of copyright, title, slogan, trademark, trade dress, service mark or service name in the policyholder s covered material. The form also covers unauthorized use of any advertising material, or any slogan or title, of others in the advertising of the business, premises, products, services, work or completed work of others. In addition, plagiarism or unauthorized use of a literary or artistic format, character or performance in the policyholder s covered material is included. SOLUTION: CyberFirst Expense Reimbursement Expense Reimbursement provides important first-party protection for your business. Choose from the following coverages: Security Breach Notification and Remediation Expenses, Crisis Management Service Expenses, Business Interruption and Additional Expenses, Extortion Expenses, Computer Program and Electronic Data Restoration Expenses, Computer Fraud, Funds Transfer Fraud and Telecommunications Theft. CONTINUES ON NEXT PAGE CyberFirst is comprised of four modules. Build the policy you need to round out your protection. Technology Errors & Omissions Network & Information Security Communications & Media Expense Reimbursement Click on any of the modules to learn more.

13 Compare and See CyberFirst s Advantages: GENERAL PROVISIONS CyberFirst Their Policy NETWORK & INFORMATION SECURITY LIABILITY CyberFirst Their Policy Enterprise-wide coverage that applies to all the policyholder s products and work; including both hardware and software for failure to prevent unauthorized access to, or use of, data containing private or confidential information of others Worldwide coverage, unless prohibited by U.S. law Automatic coverage for newly acquired subsidiaries with revenue up to 10% of the combined organization An expanded list of insureds that includes: Others you must insure as required by contract Your unnamed subsidiaries Employees, including permanent and temporary workers Independent contractors while performing duties related to your business Right and duty to defend covered claims and suits Right and duty to defend suits seeking injunctive relief for covered loss for failure to provide authorized users of your website or your computer or communications network with access to such website or network for failure to prevent transmission of a computer virus for failure to comply with any security breach notification law that applies to you No exclusion for failure of security hardware or software or the insured s failure to update their security hardware or software No exclusion for electrical or mechanical failures including power interruption, surge, brownout or blackout TECHNOLOGY ERRORS & OMISSIONS No exclusion for losses resulting from unauthorized access No delay in delivery exclusion or developmental risk exclusion COMMUNICATIONS & MEDIA LIABILITY for infringement of copyright, trademark, trade dress service mark or service name for unauthorized use of any advertising material or any slogan or title of others in the advertising of others for plagiarism or unauthorized use of a literary or artistic format, character or performance EXPENSE REIMBURSEMENT COVERAGE for Security Breach Notification and Remediation Expenses for Crisis Management Service Expenses for Business Interruption and Additional Expenses for Extortion Expenses for Computer Program and Electronic Data Restoration Expenses for Computer Fraud for Funds Transfer Fraud for Telecommunications Theft The Travelers Indemnity Company and its property casualty affiliates One Tower Square, Hartford, CT travelers.com This material does not amend, or otherwise affect, the provisions or coverages of any insurance policy or bond issued by Travelers. It is not a representation that coverage does or does not exist for any particular claim or loss under any such policy or bond. depends on the facts and circumstances involved in the claim or loss, all applicable policy or bond provisions, and any applicable law. Availability of coverage referenced in this document can depend on underwriting qualifications and state regulations The Travelers Indemnity Company. All rights reserved. Travelers and the Travelers Umbrella logo are registered trademarks of The Travelers Indemnity Company in the U.S. and other countries. CP-7655 New 4-12

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