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Cyber Liability Endorsement

Protecting a client’s confidential data from criminals should be a priority for all CPA firms. Ensure proper coverage with a supplemental endorsement to your professional liability policy

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What is a Cyber Liability endorsement?

The AICPA Professional Liability Policy provides coverage for certain claims brought as a result of damage to a client due to theft and/or misuse of client confidential information or damage to client computer networks during the rendering of professional services. 

What the policy does not cover are the expenses associated with a data breach, such as client notification and credit monitoring. Coverage for these types of expenses may be obtained through our two optional endorsements: CPA NetProtect® and CPA NetProtect PRIME®. 

What is a Cyber Liability endorsement? What is a Cyber Liability endorsement?

Why CPAs select it?

As a CPA, your clients trust you with their most confidential information. You may become a target of cyber-criminals seeking to steal your clients’ tax returns, Social Security numbers, W-2 forms, employer ID numbers, financial statements, and banking information. 

Protecting a client’s confidential data from criminals or the accidental release by your partners or employees should be a priority for all CPA firms. The repercussions of failing to do so can lead to financial loss, fines and penalties, privacy injury, negative publicity and legal costs. 

Why CPAs select it?
60%

of small businesses close within 6 months of a cyber crime. 1

What does it include?

  • Privacy Event Expense Coverage: Adds coverage for expenses associated with complying with statutes or regulations in the event of a data breach, including notification costs and credit monitoring.

  • Network Damage Claim Coverage: Adds coverage for claims brought by third parties, such as vendors, merchants, service providers, and others, whose computer networks and information may have been damaged by a wrongful act by your firm’s partners or employees that resulted in a security breach of the firm’s network.

  • Extortion Coverage: Subject to CNA’s consent, provides coverage for reasonable and necessary expenses to directly respond to an extortion threat to launch an attack on, or otherwise disrupt, your network.

  • First Party Coverage (Available under CPA NetProtect Prime® only): Reimbursement for business income that the firm would have earned and extra expenses incurred while operations were substantially interrupted due to unauthorized access to the insured’s network, an electronic infection or a denial of service attack. Also covers expenses to restore the insured’s network and resume commerce operations.

  • Regulatory Proceedings/Fines (Available under CPA NetProtect Prime® only): Provides coverage for attorneys’ fees and other reasonable costs in responding to regulatory proceedings and associated regulatory fines, in connection with a privacy event related to your professional services or various specified laws governing protected information.

What it costs

The cost of a supplemental cyber liability endorsement for your CPA firm depends on your unique situation, coverage selections, and current professional liability policy. We’re committed to helping you achieve your goals and protect your future. To find out more information about how your CPA firm can benefit from a cyber endorsement, request an estimate.

What it costs What it costs

Why CPAs choose supplemental cyber liability endorsements

  • Claim team dedicated to Cyber claims

  • Dedicated breach response team to address privacy events

  • Access to Risk Control resources to help enhance your risk management practices and prevent claims

  • The CPA NetProtect endorsements are endorsed by the AICPA and overseen by a Committee of CPAs in public accounting.

About the Underwriter

The CNA insurance companies are among the largest U.S. Commercial Property and Casualty insurers. CNA provides a broad range of standard and specialized Property and Casualty insurance products and services for businesses and professionals in the U.S., Canada and Europe, backed by more than 120 years of experience. 

About the Underwriter About the Underwriter
Frequently Asked Questions

The AICPA Professional Liability Insurance Program provides coverage for certain claims brought as a result of damage to a client due to theft and/or misuse of client confidential information or damage to client computer networks during the rendering of professional services. However, when you add a CPA NetProtect® endorsement to your policy, you receive significant coverage extensions including privacy event expense coverage, third party network damage claim coverage, extortion coverage, and more. Request information

An evolving threat in cybercrime is ransomware. Criminals use ransomware to encrypt computer files, restricting authorized user access or threatening to release private data until a ransom is paid. To help our clients respond to this increasing threat, the CPA NetProtect endorsement offers Extortion Coverage to enhance privacy and network security risk coverage. Responding to an extortion event is costly and is best handled by an experienced cyber claim team. 

When you upgrade to CPA NetProtect Prime®, you receive the same AICPA endorsed, A Rated (A.M. Best), coverage plus the following additional significant coverage extensions:  

  • Increased sublimit for extortion coverage. 

  • Privacy regulatory proceeding coverage including fines and penalties up to $500,000. 

  • First party coverage (Business Interruption/Data Restoration) up to $500,000. 

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Disclaimer

One or more of the CNA companies provide the products and/or services described. The information is intended to present a general overview for illustrative purposes only. It is not intended to constitute a binding contract. Please remember that only the relevant insurance policy can provide the actual terms, coverages, amounts, conditions and exclusions for an insured. All products and services may not be available in all states and may be subject to change without notice. “CNA” is a registered trademark of CNA Financial Corporation. Certain CNA Financial Corporation subsidiaries use the “CNA” service mark in connection with insurance underwriting and claims activities. Copyright © 2020 CNA. All rights reserved.  

 

1. Karol, Gabrielle, “Survey Finds CPAs in Dark on Cyber Threats,” Fox Business News, August 1, 2013 

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