Posted on 22 Jan 2013 by Neilson
Small businesses may not think they are at risk for cybercrime, but almost 72 percent of the 855 data breaches worldwide analyzed by Verizon's forensic analysis unit were at companies with 100 employees or less. However, a questionnaire by Travelers found that only 29 percent of small business owners surveyed were very confident that they had adequate coverage to protect their business against cyber liability. To help small businesses protect against this rapidly growing risk and to meet the need for expanded coverage, Travelers is introducing CyberFirst Essentials - Small Business.
"This new coverage targeted exclusively to small businesses extends Travelers' cyber insurance expertise to a critical driver of the economy. Small businesses may have exposures to sensitive information that can be compromised," said Marc Schmittlein, Executive Vice President, Small Commercial. "Cyber threats are on the rise and our customers rely on Travelers for products that provide them with the depth of protection they need."
CyberFirst Essentials - Small Business offers insurance coverage to protect against some of the most common information security breaches including:
- Online hacking and data theft of confidential information such as credit card number, Social Security number, medical data, etc.
- Accidental loss or sharing of personally-identifiable information regardless of whether that information was from electronic data or from physical paper records.
CyberFirst Essentials - Small Business is part of a Travelers MasterPac business owners policy and can include coverage for the costs associated with breach disclosure, credit monitoring services, resulting litigation and more, starting at $120 with flexible limits ranging from $25,000 to $250,000. This coverage is available through Travelers' network of independent insurance agents.
Travelers has provided cyber-related coverages for more than 15 years and understands the importance of assisting companies and organizations to work through an incident, from coping with the breach to expenses associated with potential lawsuits. In addition to this new coverage for small businesses, Travelers offers cyber coverage tailored to meet the needs of its medium- and large-sized business customers including CyberFirst® for technology and public entity customers and CyberRisk, offered as a stand alone or through management liability coverage packages for public and private companies, nonprofit organizations and financial institutions.