Cyber Extortion Clause Samples
The Cyber Extortion clause defines the insurer's coverage and response in the event that the insured faces threats or demands related to cyber extortion, such as ransomware attacks or threats to release sensitive data. Typically, this clause outlines what constitutes a covered extortion event, the types of expenses or payments that may be reimbursed (such as ransom payments, investigation costs, or negotiation expenses), and any conditions or exclusions that apply. Its core practical function is to provide financial protection and support to organizations targeted by cybercriminals, helping them manage and mitigate the risks and costs associated with cyber extortion incidents.
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Cyber Extortion. Expenses means
1. Reasonable and necessary money, digital currency, property or other consideration surrendered as payment by or on behalf of you to which we have consented, such consent not to be unreasonably withheld, in order to prevent, limit or respond to a cyber-extortion threat, and
2. Reasonable and necessary costs charged by:
a. breach response providers ; or
b. qualified third parties with our prior consent, to conduct an investigation to advise you how to respond to and resolve a cyber-extortion threat.
Cyber Extortion. To indemnify the Named Insured for Cyber Extortion Loss, in excess of the Retention, incurred by the Insured Organization as a direct result of an Extortion Threat first made against the Insured Organization during the Policy Period.
Cyber Extortion. The Insurer will reimburse the Insured Company for cyber-extortion expenses that the Insured Company incurs directly resulting from and in response to a cyber-extortion threat.
Cyber Extortion. This exclusion applies even if loss, damages or expenses are claimed for notification costs, credit monitoring and repair expenses, forensic expenses, public relation expenses or any other loss, damage or expense incurred arising out of any access to or disclosure of any person’s or organization’s confidential, intellectual, proprietary or personal information and data. However, this exclusion shall not apply to any liability for bodily injury or property damage. It is further agreed that nothing herein shall act to increase PRISM’s limit of liability. This endorsement is part of the Memorandum and takes effect on the effective date of the Memorandum unless another effective date is shown below. All other terms and conditions remain unchanged. Authorized Representative Public Risk Innovation, Solutions, and Management As respects ultimate net loss, this Memorandum does not apply to Liability arising out of:
a. any actual, alleged or threatened infectious, pathogenic, toxic or other harmful properties of any "organic pathogen."
b. claim, suit, request, demand, order or statutory or regulatory requirement for damages because of testing for, monitoring, cleaning up, removing, containing, treating, detoxifying or neutralizing, or in any way responding to, or assessing the effects of any "organic pathogen."
Cyber Extortion. The Insurer will reimburse, or pay on behalf of, the Insured for Cyber Extortion Costs, resulting from a Cyber Extortion Threat that is Discovered during the Policy Period.
Cyber Extortion. Threat means
1. A threat made by a third party or rogue employee demanding payment in consideration for the elimination, mitigation or removal of the threat intended to:
a. disrupt the network to impair your business operations;
b. alter, damage, or destroy data stored on the network;
c. use the network to generate and transmit malware to third parties;
d. deface your website; and
e. access or release data, including personally identifiable information, protected health information; confidential business information stored or previously stored on the network;
f. Refuse to return data stolen from the network; or
g. Prevent access to the network or data by using encryption and withholding the decryption key.
Cyber Extortion. We will provide professional assistance from an expert to advice and support you in responding to cyber extortion threats. We will also reimburse you for any ▇▇▇▇▇▇ you pay (provided its legally permissible and subject to our prior written consent). If so requested by us, you must notify any relevant law enforcement authorities of cyber extortion. Without prejudice to the exclusion contained at section 13 of “What is not covered”, the amount of any payment of cryptocurrency under this coverage section will be determined by us at its value at the close of business on the date the transfer of cryptocurrency occurred as a result of the fraud event or was made in response to the cyber extortion event.
Cyber Extortion. To indemnify the Covered Party for: Cyber Extortion Loss, in excess of the Retention, incurred by The Firm as a direct result of an Extortion Threat first made against The Firm during the Coverage Period by a person, other than the FIRM’s employees, directors, officers, principals, members, law partners, contractors, or any person in collusion with any of the foregoing. Coverage under this Coverage Agreement is subject to the applicable conditions and reporting requirements, including those set forth in Clause XIII, Obligations in The Event of an Extortion Threat.
Cyber Extortion. To indemnify the Named Insured for: Cyber Extortion Loss, in excess of the Retention, incurred by the Insured Organization as a direct result of an Extortion Threat first made against the Insured Organization during the Policy Period by a person, other than the Insured Organization’s directors, officers, principals, trustees, governors, Managers, members, management committee members, members of the management board, partners, or any person in collusion with any of the foregoing. Coverage under this Insuring Agreement is subject to the applicable conditions and reporting requirements, including those set forth in Clause X., paragraph FPC-C, OBLIGATIONS IN THE EVENT OF AN EXTORTION THREAT.
Cyber Extortion. This exclusion applies even if damages are claimed for notification costs, credit monitoring and repair expenses, forensic expenses, public relation expenses or any other loss, damage or expense incurred arising out of any access to or disclosure of any person’s or organization’s confidential, intellectual, proprietary, or personal information and data.