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ISO E-Commerce Program

Summary: The Insurance Services Office (ISO) has developed an e-commerce program providing coverage for cyber risks, a growing threat to the world’s resources. E-commerce coverage has been available through several specialty markets; this program makes the coverage available through standard markets. The program consists of the Information Security Protection Policy along with some endorsements that can modify the policy.

This article discusses ISO form EC 00 10 11 09 , Information Security Protection Policy.

Topics covered:

IntroductionInsuring Agreements

Limits of insurance; deductible

Defense and settlement

ExclusionsConditionsDefinitionsEndorsements

Introduction

EC 00 10 has been developed to answer the growing need for standardized forms addressing the risks of e-commerce in an increasingly hostile environment. What was once considered a wonderful new way of doing business has become fraught with peril for the unwary. Hackers, phishers, pharmers, as well as out and out thieves have become commonplace. This coverage form is an important step in protecting against loss of electronic data, extortion threat, or wrongful act committed by the named insured with regard to Web site publishing, or a wrongful act with regard to unauthorized access to the insured’s computer system with the result that a client’s personal information is published. Included as well is business income loss because of an e-commerce incident or extortion threat.

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