Chartis has updated its network security and privacy insurance solutions, recently rebranded as CyberEdge, in an attempt to better address evolving risk trends.

Enhancements include coverage for confidential information protected under foreign privacy laws and breach notification laws; and expansion of the definition of a privacy event to include the failure to comply with an organization’s privacy policy or the wrongful collection of confidential information.

Also included is a “goodwill option” that provides policyholders with the option to offer a credit, coupon or rebate for future purchases in lieu of credit/identity monitoring in the event of a data breach; and an updated definition of a computer system to include coverage for an organization’s use of cloud computing resources.

Chartis says that, in addition to the coverage available for litigation stemming from a network security or privacy breach, and costs associated with managing and addressing a privacy event, security failure, network interruption or cyber extortion threat, CyberEdge provides insureds with services aimed at preventing loss. These include two complimentary hours of risk consultation with a privacy attorney and/or an IT security assessment expert. Insureds also receive access to the eRisk Hub risk management and loss prevention portal that features information on security and privacy best practices; insights on the legal, risk and regulatory environment; and tools to support breach recovery planning.

This story first appeared on the Insurance Networking News web site.

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