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Cyber Liability

What is Cyber Insurance?

Cyber insurance covers your business' liability for a data breach that includes sensitive customer information. This could include things like Social Security numbers, credit card numbers, account numbers, driver's license numbers and even medical records.

It's not a matter of IF, it's a matter of WHEN.

Most E&O policies do not cover data breaches, and most cyber endorsements do not adequately address the exposures of an insurance agent. To avoid damage to your agency's finances and reputation, a solid privacy and data breach policy is increasingly critical.

Cyber crime is a real threat to agencies and their customers. Data breach is not just about cyber security—hackers, portable devices, and stolen laptops. It includes indiscretions and negligent disclosures that can occur within your agency and lead to a breach.

Beazley
Coalition Cyber Liability Policy

BEAZLEY BREACH RESPONSE POLICY FOR CYBER LIABILITY

A full 80 percent of businesses that experience a data breach do not recover.

Cyber attacks have increased significantly since 2009. Data breaches are extremely common among smaller businesses. Data held by small business is considered low hanging fruit for hackers because they know small businesses lack security resources.

As part of our continuing effort to serve our members, we offer a slot-rated Data Breach Program for MEMBERS ONLY for stand-alone coverage through Beazley.

Program Benefits available to Members Only

No Encryption Requirement
HIPAA Compliance Tools
Step-by-Step Procedures for Compliance
Newsletters
Data Breach Coach to Help with Notification
Forensic Investigators
Privacy Counsel
Call Center
Credit Restoration Services

Online Compliance Materials
Staff Training Programs
Expert Support Online
Regulatory Fines & Penalties
Public Relations Firm
Notification Costs Outside Limit of Liability
Credit Monitoring
Security & Privacy Liability

QUESTIONS, CONTACT US.

BRENDA KLUGER, CRM, CIC, CISR, CLP, CIIP

Membership Serices Coordinator, brenda@iiaiowa.org, 515-402-4036

MEGAN KINCY, AIS, AINS

Membership Services Coordinator, megan@iiaiowa.org, 515-402-4037

LINKS & DOWNLOADS
Beazley Postbreach Fact Sheet

Insured Risk Management Portal

Policy Form

Timeline of Beazley Breach Response

Beazley 2020 Breach Briefing

Ransomeware: Best Practices for Prevention and Response

COALITION CYBER LIABILITY POLICY

IIAI along with Big “I" Markets, (the online market access system available exclusively to Big “I" members) has partnered with Coalition to give agents access to the cyber and technology errors & omissions admitted and non-admitted insurance markets for their agency. Aggregate coverage up to $10M is available. To access Coalition, log in to www.bigimarkets.com and select “Cyber Insurance-Coalition."

Coalition cyber liability policy benefits include:

Underwriting Engine: scans publicly available information
Comprehensive Coverages: offers broad coverages available across all coverages including funds transfer fraud/social engineering, bodily injury, property damage and contingent business interruption.
Unique Coverages: including Breach Response Separate Limits Endorsement, which provides additional coverage for breach response costs by moving these costs outside the aggregate limit.
Risk Management Tools: platform provides automated security alerts, threat intelligence, ongoing monitoring and guidance, among other tools all available at no additional costs.
Claims Approach: from pre-breach support to incident containment and recovery, Coalition's insurance and security personnel are there to help. In the event of a breach, Coalition's cyber team is in place for rapid response to mitigate risk.

Through the Big “I" Markets platform, any Big “I" member agency can quote and bind insurance online. Big “I" members also have direct access to Coalition's licensed agents and renowned cybersecurity experts via online chat throughout the sales and underwriting process. During the online quoting process, your network and web properties undergo an automated risk assessment to identify known issues and potential security weaknesses.

Once coverage is bound, Coalition provides ongoing monitoring for new and emerging threats specific to the information technology used by the insured, adding an extra layer of defense. All policies include a technology-driven approach—which includes:

Automated alerts
Threat intelligence
Ongoing policyholder monitoring
Dedicated claims and security team should a breach occur

If you have any questions about the Coalition program, please contact Carla McGee directly via at Carla.mcgee@iiaba.net or call her at 800-221-7917 x5495 or direct dial at 703-706-5495.