Common use of Cyber Risk Liability Insurance Clause in Contracts

Cyber Risk Liability Insurance. This coverage must include information theft, computer and data loss replacement or restoration, release of private information, alteration of electronic information, notification costs, credit monitoring, forensic investigation, cyber extortion, regulatory defense (including fines and penalties), network security, and liability to third parties from failure(s) of contractor to handle, manage, store, and control personally identifiable information belonging to others. The policy must include full prior acts coverage. Limits should be $1,000,000 per covered claim without sublimit, $2,000,000 annual aggregate.

Cyber Risk Liability Insurance. This coverage must include information theft, computer and data loss replacement or restoration, release of private information, alteration of electronic information, notification costs, credit monitoring, forensic investigation, cyber extortion, regulatory defense (including fines and penalties), network security, and liability to third parties from failure(s) of contractor to handle, manage, store, and control personally identifiable information belonging to others. The policy must include full prior acts coverage. Limits should be $1,000,000 per covered claim without sublimit, $2,000,000 annual aggregate.,