Liberty Mutual Insurance is offering flexible cyber coverages on its commercial package products and monoline general liability policies for small to mid-sized businesses. The new data security endorsement provides four optional coverages, each with separate and varying aggregate limits, sub-limits, and deductibles, allowing agents to tailor coverage to their customers' specified needs, the company said.

Data compromise response expense provides first party coverage for expenses resulting from a data breach, including customer notification, legal review, forensic IT review, public relations services, and credit monitoring services. Coverage also extends to regulatory and payment card industry fines and penalties where insurable by law.

Data compromise defense and liability offers third party liability and legal defense of a suit brought as a result of a breach of personal information. A $50,000 sub-limit exists for suits and damages from a breach caused by malicious code. Availability of these coverages is contingent on the selection of data compromise response expense.

The company also explained that attack and extortion provides first party coverage for expenses associated with repairing, re-creating, and restoring data and systems to their states prior to a breach. Extortion covers the cost to hire a negotiator or the amount a business may have paid in response to an extortion threat to launch a denial of service attack.

Network security liability provides third party liability and defense for losses resulting from a breach of confidential business data owned by a third party. The coverage also extends to the unintentional forwarding of malware to others.

“Businesses of all sizes are increasingly recognizing the growing threat to data security and associated financial risks that cyber attacks and breaches pose,” said Bryan Grimm, the senior vice president of commercial insurance and manager of general liability. “We're pleased to offer these critical layers of protection to the businesses we insure and the flexibility in coverage so our agents may best meet their clients' cyber insurance needs.”