Financial Lines: Teams and FAQs

• Your claim will be acknowledged within two hours during business hours and four hours outside these hours.
• Where a first- or third-party cyber breach event is determined, a “triage” call will be arranged with Travelers and a data breach coach at the customer’s convenience.
• After the triage call, and subject to the customer’s agreement, the services of the data breach coach and any other approved service provided will be retained by the customer. The data breach coach will then come to an agreement with the customer regarding a plan for dealing with the claim. This may include:
  • Forensic expertise to assist in determining the source of the breach.
  • Public relations services to mitigate negative publicity.
  • Management of potential governmental claims that could be made.
  • Notifications to victims of a breach, which may include physical mailings, e-mails and telephone calls.
  • Credit monitoring for victims of a breach that can include fraud assistance. 

A phishing attack is an attempt by a fraudster to trick people into transferring money or providing personal information to them by pretending to have legitimate interest. A common example of this is known as a Business E-mail Compromise (BEC). The fraudster sends convincing-looking e-mails that may request payment of invoices or contain links to suspicious websites. They may also contain viruses disguised as harmless attachments.

Ransomware is a type of malicious software that infects computer systems. Criminals use it for threatening to publish sensitive information obtained from the victim’s computer systems or preventing access to computer systems unless a ransom is paid.

A denial-of-service attack is a cyber attack whereby the criminal attempts to overwhelm a company´s computer system or network by flooding it with traffic or sending information that triggers a crash.

Travelers provides coverage for public relations (PR) professionals to work with customers to mitigate any potential negative publicity resulting from a cyber event or data security breach. If it appears that policyholders require PR assistance, this will be discussed during the triage call with Travelers and the data breach coach.

• All claims get registered and acknowledged within one working day.
• A response to a client/broker correspondence happens within five working days.
• Phone calls are answered immediately, and phone messages are responded to within 24 hours.

• All claims get registered and acknowledged within one working day.
• A response to a client/broker correspondence happens within five working days.
• Phone calls are answered immediately, and phone messages are responded to within 24 hours.

Your policy will likely not cover fines and penalties imposed by regulatory bodies, as under current Irish legislation, they are uninsurable by law.

Your policy covers claims made against any person who was, is or becomes a director or officer of your company at the time a claim is made.

Your policy covers claims made against any person who is an employee of your company at the time a claim is made.

If you have purchased employment practices liability insurance as part of your overall management liability insurance package, then this will normally be covered. You will be able to find details in your policy schedule and wording.

Provided you were a director at the time of the alleged act, then this would normally be covered, even if you are no longer a director of the company in question.