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ISO enhances cyber liability insurance product

Insurance Services Office (ISO), a provider of actuarial and underwriting information, has enhanced its cyber liability insurance (e-commerce) product to introduce new insurance policies for firms with a media liability exposure.

The new information security protection policy for commercial risks, and the financial institutions information security protection policy for all financial firms, will complement the company’s existing cyber liability insurance policies.

ISO’s media liability policies offer eight insuring agreements such as media, security breach, programming errors and omissions, replacement or restoration of electronic data, extortion threats, business income and extra expense, public relations expense and security breach expense.

ISO senior vice president of insurance programs and analytic services Beth Fitzgerald said that protecting against financial loss resulting from a data breach is a critical issue for businesses of all types and sizes.

"The enhancements to the ISO E-Commerce Program provide insurers with the tools necessary to keep pace with this rapidly changing market," added Fitzgerald.

In addition, the company has also introduced new optional coverages for use with all of its cyber policies, including defense expenses, fines, and/or penalties coverage for a regulatory proceeding or payment card industry (PCI) action; computer fraud; and telephone toll fraud.