Liberty International Underwriters (LIU) has launched three new Cyber liability products that agents and brokers can offer clients the insurance and risk management solution best suited to mitigating their clients’ technology and data privacy risks.
The new Cyber liability products, LIU Tech Insure, LIU Data Insure and LIU DataPro Insure, provide both primary and excess professional liability coverage for risks surrounding technology errors and omissions (E&O) and data privacy breach.
Each policyholder will be able to work with a consultant to access pre- and post-loss support services including pre-loss risk management, post-loss computer forensics, credit monitoring and restoration, data breach notification services and legal advice with any of the LIU cyber liability policies.
The first product, LIU Tech Insure policy, covers breach of contract, intellectual property infringement, project failure coverage, data breach liability and E&O for technology service companies in the market.
LIU Data Insure covers data breach liability and related costs cover for companies that handle personal data while LIU DataPro Insure covers professional liability as well as data breach liability and related costs for a wide range of professions and companies.
Oliver Brew VP of Miscellaneous Professional Liability and Technology E&O will head the new product line.
Brew said that recently the frequency and severity of Computer hacking attacks has significantly increased in the recent past.
"Data security is now more than just an IT issue – it is a board-level issue. With attacks becoming more sophisticated and striking a wider range of institutions as well as increased regulatory pressure, more and more companies are looking for data security insurance to help protect their operations," Brew added.