Illinois Cyber Risk Insurance

We offer cyber risk insurance, also called cyber insurance or cyber liability insurance, to all types of organizations in Illinois. Cyber risk insurance is a type of coverage that provides protection to Illinois organizations in connection with losses caused by cyber attacks and data breaches.

All industries are vulnerable to cyber attacks and data breaches as they are becoming more common. The average cost of a data breach in Illinois is around $10 million and includes costs related to business disruption, revenue loss, equipment damages, legal fees, public relations expenses and forensic analysis, as well as notification costs that are legally mandated in most states.

Cyber risk insurance is designed to address those costs and can be purchased as a stand alone policy or as part of a package.

What coverages are available in a cyber risk insurance policy in Illinois?

Cyber insurance is designed to provide various third-party and first-party coverages. Examples of coverages that may be provided in Illinois include the following:

The above examples of Illinois cyber insurance coverages are for informational purposes and should not be interpreted as a reliable or complete description of coverage. Cyber risk insurance coverages vary by insurance company and the policy form, including limitations and exclusions, should be carefully reviewed before coverage is bound.

What are some common exclusions in cyber insurance policies in Illinois?

Cyber insurance policies contain various exclusions. Examples of policy exclusions in Illinois are as follows:

Cyber insurance policies in Illinois also contain numerous other exclusions and limitations. Please refer to the insurance policy for coverage details.

What rating factors are used to set cyber risk insurance premiums in Illinois?

Examples of rating factors that may be used by insurance companies to determine cyber insurance premiums in Illinois are as follows:

Rating factors in Illinois vary by insurance company and insurance companies are allowed to set their own rating algorithm.