XL Group cyber coverage includes cloud computing providers

XL Group plc recently announced a new cyber insurance policy that includes a coverage extension outsourced providers of computer services and a “broader definition” of protected health information and personally identifiable information.

Dublin-based XL Group is offering the new coverage through its North America cyber and technology risk unit, headquartered in New York City.

“XL Group’s cyber insurance policy provides both liability and first party protection after a company sustains a data breach, including both the legal and voluntary data breach notification and crisis management costs, loss of business income, costs to recover data, costs to respond to regulatory inquiries or an investigation and costs to defend and indemnify any subsequent third party claims including class action claims,” the carrier said in a release. “Technological advances in data management are providing businesses with an option to use what was once thought of as useless data or to collect information to improve operations in sorts of ways, such as target marketing.”

Xl has “added a host of additional coverages to build one of the most comprehensive cyber insurance forms out on the market,” stated John Coletti, Chief Underwriting Officer for XL Group’s Cyber and Technology group, in a release Sept. 3.”Navigating cyber risks are difficult enough, so we’ve also created a form using clear, understandable language with concise definitions to help our clients understand their protection.”

It includes an extension for outsourced providers, including “cloud” providers. It also includes “expanded privacy and security protection to include confidential business information in addition to protected health information and personally identifiable information (PII).”

Other features include privacy regulatory coverage, including “consumer redress amounts,” as well as an optional endorsement for fines and assessments by the Payment Card Industry.