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, according to insurance company Travelers.
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. It was announced today, Jan. 21.
“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 VP, Small Commercial.
CyberFirst Essentials - Small Business
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.
The Travelers Companies, Inc. (NYSE: TRV) is a leading provider of property casualty insurance for auto, home and business.