The NREIG Cyber Liability Program protects businesses for the cost of an actual or suspected violation of a privacy regulation due to a security breach that results in the unauthorized release of protected personal identifiable information (PII). PII is any private, non-public information of any kind in the merchants care, custody or control.
50% of confirmed data breaches target small business and 60% of small businesses fail within 6 months of a breach.
$1,000,000 Limit of Liability (annual aggregate)
Civil proceeding or investigation including requests for information for an actual or alleged violation of any privacy regulation (PII data) brought on behalf of any federal, state, or foreign governmental agency including:
- Defense & settlement or judgement
- Regulatory fines & penalties (including PCI)
- Mandatory forensic examination
PCI re-certification services to re-certify compliance with PCI Security Standards
Ransomware – $1,000,000 (retention applies)
Website media Liability
Business Interruption – $1,000,000 (8 hour waiting period applies)
Data Recovery Expense – $1,000,000 (retention applies)
Crisis management and fraud prevention expense:
- Call Center
- Credit monitoring
- Public Relations
- Associated legal expenses
Sublimits (retention applies):
Telecommunications Theft – $100,000 sublimit
Social Engineering Fraud – $100,000 sublimit
E-Theft – $100,000 sublimit
Underwritten by AXIS Insurance Company, an A+ rated insurance carrier by AM Best and facilitated through the North American Data Security RPG master policy, a risk purchasing group registered in all 50 states and the District of Columbia.
Underwriting is limited to four questions
Rating is based on revenue for businesses up to $50,000,000 in annual revenue
Excluded classes include; (a) Banks, (b) Credit Unions, (c) Payment Processors, (d) Gambling Organizations, (e) Online Adult Industry, (f) Social Media/Networking Firms, (g) Cloud Providers (h) Federal and State government agencies (I) Municipalities (j) Franchise (k) Crypto-currency (l) Marijuana Dispensaries
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Why Cyber Liability Coverage?
What does cyber insurance cover?
- The cost to respond and recover from a data breach
- Theft of funds electronically or through fraudulent instructions
- Cost of ransom if your computer is encrypted
- Business interruption if your computer systems are damaged due to an attack
What if I don’t have sensitive data?
Almost every business stores or collects sensitive data including credit card information, banking information, employee information, customer’s driver license numbers, social security numbers, or protected health information; and you are legally obligated to protect information you collect.
We don’t take credit cards or store other sensitive information on customers or tenants.
Do you bank online? Do you pay vendors or collect rent using ACH or Wire? Social Engineering fraud is a leading cyber exposure. Cyber criminals deceive small businesses into sending money by using transfer instructions which seem legitimate.
Do you rely on a computer system or network to conduct day-to-day business that is also used for email and web browsing by your employees? Ransomware is a leading form of cyber extortion. Criminals lock your computer after infecting it with malware typically through an email. All files and access is denied until the ransom is paid. What if your computer system is hacked and computers and servers are wiped out or not available for use? How will you conduct your business? Can your business cover the lost income?
These costs and services can be covered through this policy.