How much does a lost laptop cost? $500? $1,500? The Billion Dollar Lost Laptop Study (Ponemon Institute and Intel Corp., December 2010) concluded that 46% of lost laptops contained confidential data. Of that 46%, only 30% of those systems were encrypted, and only 10% had other anti-theft technologies. The average value of a lost laptop is $49,246, and the data breach costs represent 80% of the total cost of a lost laptop compared to 2% for replacing the computer.
Luckily for your clients, you have access to CyberFirst Essentials® – Small Business through Travelers Express® for Master PacSM.
CyberFirst Essentials – Small Business is a new coverage available across all business segments which offers Information Security Liability and Breach Essentials. This means liability coverage for a claim or suit when the insured fails to protect identity information from being accessed, and reimbursement for expenses incurred by the insured as a result of a security breach, i.e. costs to notify affected individuals as well as credit card monitoring.
With just a few simple underwriting questions, this coverage is available for quote-to-issue in conjunction with all your Master Pac polices.
With a wide range of limits and competitive pricing, CyberFirst Essentials – Small Business is a simple solution that offers extensive coverages that small businesses need.
Click here to view a full highlight sheet. Understand and offer the coverage, then log into www.bigimarkets.com, select the Travelers Select Accounts product and request the product as an endorsement.
While we’re talking cyber risks, now is a good time to ensure your own agency is sufficiently protected. The Big “I” Professional Liability program not only offers data breach coverage but Swiss Re Corporate Solutions policyholders can access additional risk management resources for your agency at www.iiaba.net/EOHappens, an exclusive web site which offers articles and other protection resources. For example, Swiss Re Corporate Solutions policyholders may access a recording of the recent sellout webinar “Managing Agency E&O Exposure to Data Breaches and Cyber Liability” by clicking here.
Need Stand Alone Cyber?
Big “I” Markets also has standalone Cyber Liability and Security form a variety of markets via the A.J. Wayne and Associations. They can entertain all types Cyber Liability/Privacy & Security Insurance where a stand lone policy is appropriate. Go to Big “I” Markets and look for “Cyber Liability & Security” in the Insurance Products menu.
Andrew McElhannon is the Member Services Coordinator for the Independent Insurance Agents of Georgia www.iiag.org, and can be contacted at: firstname.lastname@example.org or b y phone at 770-458-0093, x.110, or 800-878-6487.