Your Cyber Security MattersAugust 18, 2021
Every day, we place our private data in the hands of other companies and individuals and trust them to keep it safe. Every day, bad actors are trying to steal that data. Unfortunately, some of them succeed.
T-Mobile recently announced a data breach affecting 7.8 million customers. They estimate an additional 40 million records were stolen from past or prospective customers.
While no one can guarantee you protection from such a breach, you can take steps to insulate yourself from the aftermath of a stolen identity or other cybercrimes. Barton Mutual has partnered with Berkley Re to offer cyber liability coverage on many of our policies.
For our commercial policies, the coverage is optional and will offer assistance with a breach:
- First-Party Privacy Breach Expense, including up to $10,000 each for Extortion Threat Expenses, and Data Replacement and System Restoration Expense
- Third-Party Cyber Liability Coverage, including up to $10,000 for PCI Fines
- Regulatory Proceeding Claim Expense, including up to $10,000 for Regulatory Fines
- Optional First-Party Business Interruption, which equals 25% of the aggregate limit.
The Standard Aggregate inclusive of all coverages above is $25,000, with optional limits available of $50,000, $100,000 and $250,000. These coverages include additional services, such as:
- Notification letter preparation, printing and mailing
- Toll free number to Sontiq’s Resolution Center
- Call handling
- Credit monitoring and fraud alerts
- Fraud resolution services
- Investigative and forensic services
For most owner-occupied personal lines policies, the coverage is included and provides the following benefits:
- Online Extortion. Expenses and ransom paid for threats to cause a network disruption.
- Cyber Bullying Response. Costs for counseling, tutoring, temporary relocation, tuition expense.
- Identity Theft. Costs and help in reclaiming your policyholder’s identity.
- System Compromise. Data recovery and system restoration needs.
- Internet Clean Up. Expenses associated with removing false statements on the internet.
- Breach Cost. Costs associated with notification, investigation and monitoring a breach.
- Social Engineering. Costs that arise from the intentional misleading of an individual which leads to the insured willingly sending money to a fraudster.
Services for personal lines coverage include:
- Provides unlimited 24/7 service and support to help minimize damage and resolve identity theft incidents.
- Diagnose the issue and implement a plan to protect data.
- Get access to highly experienced professionals with deep expertise in information security, data privacy and governance.
- Receive customized ransomware risk assessment and prevention services.
- Investigation of a breach and corresponding legal requirements.
- Notification services to alert anyone affected by a breach.
- Monitoring provided for those affected by a breach.
- Partnership with Nobully.org, a nonprofit working to eradicate cyberbullying worldwide.
- Alerts on the latest scams, fraud attempts and ways to prepare.
- Alerts on the latest malware and how to stay safe online.
- Personalized handling of any cyber liability claim.
This information is meant to be a broad overview and should not be the only source you consult for evaluating your risk management needs. Adherence to the above guidelines does not ensure coverage under your policy, nor does it guarantee your risk will be accepted by our company or that your property or operations are safe, healthful, or in compliance with laws, rules, or regulations. Coverage is determined by specific policy provisions, limitations and exclusions that can only be expressed in the policy itself.