Do you know what to do if your computer files are breached?  What if they are locked and held for ransom?  Do you know how to comply with State and Federal Notification Laws? All questions that your agency has to answer in the event of a data breach. Does your agency have cyber liability coverage? 

Businesses are breached every day and too often owners do not handle it correctly, resulting in even greater damage to operations, profitability and customer trust. But, IIABSC and Arlington/Roe have partnered to offer members a solution: a cyber policy that focuses on helping independent insurance agents avoid or manage a data breach. Coverages include coordinating the services that an agency needs to satisfy legal requirements within the mandated deadlines and to protect its reputation.    

Notification is potentially a large cost in the event of a data breach. The Cyber Secure insurance product, available only to Big "I" members, helps with State and Federal notification compliance. The coverage can include reimbursement for notification costs based on the number of affected individuals and not capped by a dollar amount.   

The Cyber Secure insurance product can also cover another high expense event associated with a data breach: a cyber extortion. It can also make handling a cyber extortion crisis more manageable.  Cyber extortion is generally the crime of locking computerized operations and then demanding a ransom to unlock them.  Businesses and their customers are affected by ransomware daily – cyber criminals can hold the business and customer private information to force a ransom for its return.  This is a growing threat and the FBI has reported cyber extortion at an all-time high. In fact, cyber extortion events grew in number by about 400% last year. 

A specialist’s support in the event of a breach is crucial. Your agency can get that with the Cyber Secure product offered to members at a reduced rate. This protection helps with the step-by-step procedures in the event of a breach and gives you risk management tools to mitigate future losses.

View our cyberliability webpage and contact the IIABSC Director of Member Services to sign up.