We have developed a cyber insurance product tailored to the needs and resources of small and mid-sized businesses. And today is the first day we are live in any state. Along with our existing software solutions and services, the new product will enable us to offer a comprehensive cyber-risk assessment, mitigation, transfer, and response platform.
“As leaders of small and mid-sized businesses have come to recognize the significant threats cyber risks represent to their enterprise, they have been looking for affordable protection that involves minimal upfront process, management and staff time,” said Josh Riley, our head of insurance. “They now have the ability to obtain the insurance coverage they need, along with pre- and post-breach services, all built specifically for the needs and budgets of smaller businesses.”
Underwritten by National Specialty Insurance Company with Boost insurance serving as program administrator, the new product will have limits ranging from $50,000 to $1 million. The product will provide first- and third-party coverage for a wide range of costs associated with hacking attacks, breaches and other cyber-related incidents, including:
- Forensic expenses to determine causality, quantify loss and remediation costs
- Privacy notifications, call centers, employee overtime, credit monitoring and other expenses related to handling a breach
- Expenses associated with addressing extortion threats
- Data replacement or restoration
- Business income and extra expense associated with downtime arising from cyber incidents
- Limited public relations expenses
- Computer fraud, including loss of funds resulting from a network breach
- Payment card industry fines and penalties
- Cyber/privacy defense and liability costs
Businesses and other entities enrolling in our software solutions and services can easily obtain insurance terms with competitive premium rates. The services include phishing inbox protection, cross-site-scripting protection and public WiFi protection, as well as a browser content filter, password manager, and qualified resources for cyber education and incident response.
Our new commercial cyber insurance policy is currently available on an admitted basis in Arizona and is pending approval in Oregon, Colorado and Nevada.