Cyber Policy 2019/20 updates
- The Limit of Liability increased to $100,000,000 for each and every claim and in the aggregate, inclusive of costs. The limits of liability apply across all VMIA insured entities.
- Cover for Data Breach Response Expenses extended to include expenses incurred from notifying appropriate governmental, regulatory, law enforcement or statutory body, if required. It also now includes explicit coverage for translation services, to manage communications with affected individuals following a data breach.
- New Loss Preparation Costs cover to provide a maximum of $50,000 for an organisation to engage an independent claims preparer to assist in preparing their claims submission to VMIA, following a network business interruption loss.
- The definition of Computer Expert Services expanded to include costs to engage a computer security expert to contain and remove malware discovered on computer systems.
- Coverage for ‘bricking’ of devices has been included to a sub-limited amount of $1 million. A ‘bricked’ device is a device that can no longer be used for the purposes of its function as a result of a security breach causing corruption to software or firmware.
For further information on these policy updates please refer to the 2019-20 VMIA Cyber Insurance Policy [PDF, 844KB]