- A+ rated insurance carrier with a global footprint
- Subsidiary of one of the largest global P&C companies with 3 cutting edge research & development labs focused on financial and cyber security
- Leading terms and conditions with options to customize policies for each insureds’ needs across a broad breadth of industry classes
- Dedicated industry leading Cyber claim and underwriting specialists who have shaped cyber insurance from its inception
- Cyber Risk Portal providing current newsfeeds, risk management tools, best practice checklists, incident response plan templates, training materials and more
- 24/7/365 Claim/Cyber Event/Breach hotline for immediate breach response services, advice and support
- Access to a diverse network of industry-leading partners providing pre- and post-breach services
Financial Strength Ratings
What do we know about Sompo International
Sompo International Overview
Sompo International has the depth of experience across a broad range of cyber threats and industries, extensive knowledge of insurance coverages and a network of best-in-class specialists. In addition to protecting your business from damages, we work with your company to reduce risk and the severity of loss, and we are your first call 24/7 to assist with the response should a cyber event occur.
Our 3 pronged approach addresses the full risk life-cycle as our team:
Network Security & Privacy Liability
We cover costs to defend, settle or pay lawsuits against your business made by customers or other entities affected by a cyber-attack or a data breach incident that you suffered. These lawsuits may allege damage to 3rd parties due to your failure to properly handle, manage, store or protect personally identifiable or confidential information, transmission of malware to third-party systems or denial of service. We provide independent 3rd party counsel, expert in cyber law, to defend your interests in these events.
We cover costs associated with investigations and administrative hearings resulting from a cyber event and the fines or other payments levied as a result.
PCI Fines and Penalties
If you accept bank and credit cards for payment then you must comply with the Payment Card Industry Data Security Standards (PCIDSS). Your business can be liable for fines and penalties in addition to being contractually obligated to cover bank costs such as card reissuance and customer notifications related to a breach.
Content published by your organization on your website or elsewhere, digitally or in any other format, can generate claims of slander, libel, plagiarism, invasion of privacy, and copyright or trademark infringement. We cover costs to investigate, address and make award or settlement payments.
First Party Coverages
Privacy Breach Costs
When a data or system breach incident happens, it is essential to disclose and respond in order to comply with all relevant regulations in the timeframes designated by authorities. Even if the breach was not your fault, you are still required to notify all the appropriate parties. Our knowledge of regulations across multiple jurisdictions (and the latest changes in reporting requirements) will ensure quick and efficient compliance. Our specialists are on standby to help you formulate and execute a plan to investigate and respond to a data breach or other network security incident should it happen. We assist with the following and we will pay the associated costs:
Business Income Loss
We cover lost income and continuing operating costs due to a business interruption caused by a covered cyber event such as a network outage or performance degradation which happens directly to your business. In addition, we cover the extra expenses necessary for you to minimize or avoid an interruption of service.
Contingent Business Income Loss
We cover lost income, necessary operating costs as well as extra expenses due to a business interruption you suffer caused by a cyber event which happens to one of your contracted critical business partners. This includes suppliers, vendors, financial institutions and other 3rd party service providers.
Digital Asset Loss
We cover the cost to restore software and data destroyed or corrupted as a result of a malicious attack or other cyber events.
Cyber Extortion Threat
We help you determine the credibility of an extortion threat and help formulate and manage your response which may include decryption, reporting, and, if necessary, making an extortion payment in bitcoin or other currencies. We cover the cost of investigation, response, and rewards paid to the extortionist.
Social Engineering/Fraudulent Instruction
We cover the costs you incur if an employee falls victim to a social engineering scam like phishing (such as clicking a link with embedded malware or transferring funds to a scammer in response to fraudulent instructions).
Computer System Property Damage
While much of the focus is on data and software, we also pay the cost to restore hardware damaged because of a malicious attack.