Berkshire Hathaway reveals network security product – Insurance Business

Berkshire Hathaway reveals network security product Berkshire Hathaway Specialty Insurance (BHSI) has unveiled an insurance solution that combines the features of a cyber liability insurance policy with risk management resources.
According to a release, the Professional First Network Security amp; Privacy Liability Policy is “designed to deliver multi-faceted coverage and crisis management services” for large commercial enterprises, as well as a wide range of financial institutions, which include credit unions, banks, asset managers, and insurance companies.


The policy’s highlights include:

  • Coverage for both first and third party exposures resulting from data security and privacy breaches, including regulatory investigations, fines and penalties.
  • Breach expense and extortion threat coverage, addressing the direct expenses an insured incurs to effectively respond to a breach or extortion threat.
  • Media liability coverage, which responds to traditional media exposures (e.g. through a company’s website) arising from electronic content.
  • Business interruption coverage to pay lost income and related expenses incurred as a result of the insured’s partial or full business interruption due to a network security failure.
  • Online access to eRiskHub tools and resources to help policyholders understand cyber exposures, establish a breach response plan, and prepare to mitigate the impact of a breach on their organization

Policyholders will also have access to legal experts to help them manage their obligations in the event of a data breach, forensic IT services to aid in identifying and containing a breach, and PR and credit monitoring firms to manage the reputational damage that could come following such an incident.

Related stories:
$3 billion bad weather blast batters Berkshire
Berkshire Hathaway participates in medical professional liability facility

Celebrate excellence in insurance. Join us at the Insurance Business Awards in Chicago.

Leave a Comment

Your email address will not be published. Required fields are marked *