Please ensure Javascript is enabled for purposes of website accessibility
 

Something Else to Worry About!?

Something Else to Worry About!?

Travelers has unveiled CyberRisk, a new product from Travelers Bond & Financial Products meant to limit client cyber exposures and managing associated risks.

“Cyber risks leave businesses exposed regardless of size, industry or track record,” said Jason Glasgow, CyberRisk product manager for Travelers Bond & Financial Products. “While some business owners have employed tactics to minimize opportunities for exposures, the risks go far beyond a single hacker accessing information. From dealing with information leaks to meeting expenses associated with crisis management, business owners need to be prepared to manage their cyber liability.”

As cyber risk becomes a larger threat to companies of all sizes, the associated costs and record breaches are staggering. A recent study found that the average cost of a data breach in 2010 was $7.2 million.1 According to another study, there were 515 million records breached in the U.S. alone through 2010.2 Several large scale data breaches have already occurred this year, causing this number to rise at a significant rate.

CyberRisk will be offered through Travelers’ suite of management liability products including Wrap+ for Private & Non-Profit Organizations, Executive Choice+ for Public Companies and SelectOne+ for Financial Institutions. Insureds can build a custom CyberRisk policy that fits their business needs based on 10 coverage options. These options address exposures and the ripple effects associated with a cyber-related event including:

Third Party Liability coverage:

  • Network and information security liability
  • Communications and media liability
  • Regulatory defense expenses

First Party coverage:

  • Crisis management event expenses
  • Security breach remediation and notification expenses
  • Computer program and electronic data eestoration expenses
  • Computer fraud
  • Funds transfer fraud
  • E-Commerce extortion
  • Business interruption and additional expenses

 At Remland Insurance Services, Inc., it’s important that we keep you informed about your liability risks, and yes, Cyber Liability is now becoming an issue.  Check with your agent about California Business Liability Insurance  and the new Cyber Risk products available.

COVID-19

The COVID 19 virus has certainly changed our lives for the short term both at home and at work. Our office is working in compliance with state and local officials and their request to minimize contact with others for the short term so that we can shorten the life of this virus.
As such, our offices will be available by phone or by e mail 8-5 Monday thru Friday. If you need to make an appointment to come by, please call us before you drop by, so we can reduce risk, and take care of our staff and just be safe.
Please don’t hesitate to call us and if for some reason you can’t reach us, please look at our website for carrier contact information. Thank You for your continued business.

Contact us Call Us