If a hacker stole credit card data from your business, would you have insurance to pay fines and ransom demands, notify customers and provide ID theft services? Even if you use a point-of-sale vendor to process your credit card transactions, your business may be responsible for the protected information.
Berkley Asset Protection announces an expanded Cyber Coverage Endorsement that offers a comprehensive risk management program to help businesses avoid a data loss and respond when a loss occurs.
Key benefits include:
* Aggregate limits up to $1 million, the standard limit is $100,000
* Extortion threat (i.e., ransomware) coverage
* First-party coverage for expenses to notify and monitor, investigate, and handle crisis management, as well as cover privacy, data breach, data replacement and system restoration
* Third-party coverage for unintentional failure to safeguard protected information and to address media wrongful acts such as libel, slander, infringement of an individual’s right to privacy
* Regulatory proceedings coverage (i.e., fines)
* Data breach services in partnership with CyberScout, the premier provider of identity protection solutions, identity theft recovery services, breach services and data risk management solutions
Berkley Asset Protection’s new Cyber Endorsement is available immediately in most states.
The minimum premium for this coverage, with the standard limit, is very affordable at less than $250/year, depending on location and business sales volume.
