Data Breach/Cyber Liability
Can Your Agency Afford to Weather a Data Security Breach?
A full 80 percent of businesses that experience a data breach do not recover.
One can hardly turn on the television or pick up a newspaper without seeing another major story about the latest data breach. While headlines are grabbed by large corporate brand names, it is reported that almost half of all data breaches involve companies with less than 500 employees.
Cyber attacks have increased significantly since 2009. Data breaches are extremely common among smaller businesses. Data held by small business is considered low hanging fruit for hackers because they know small businesses lack security resources.
As part of our continuing effort to provide our members with cutting edge coverage, we are offering a slot-rated Data Breach Program for MEMBERS ONLY with a short form application for stand-alone coverage through Beazley. As a Beazley Breach Response policyholder, you will have access to risk management policies and procedures, training and other tools. In addition, when you have a covered breach, they are ready to deliver a well-coordinated response.
Binding coverage is as easy as 1, 2, 3. We have provided rate grids for agencies with revenues under 10M to easily determine your premium based on limits you choose:
Complete this application
and addendum and forward this along with your check payable to VFSC to 8600 Mayland Drive, Richmond, VA 23294.
Contact the IIAV office at 804-747-9300 / 800-288-4428 or email email@example.com for additional information.
For those agencies with revenues over 10M, complete and return the application and we will have the carrier underwrite and provide a quote.
The Independent Insurance Agents of Virginia, through their for-profit arm, VFSC, has a cyber liability product exclusively for IIAV members.
We can also assist you with placing coverage for your clients. Don’t forget to offer this important coverage to your business clients.
For more detailed information contact us by:
Phone: 804-747-9300 or
Cyber Liability - Understanding the Risk
3 Part Educational Video
Cybercrime has grown seventeen times since 2009 with no slowdown in sight. All businesses, including Insurance Agents, which collect private information about their clients, must comply with State and/or Federal Notification Laws. These notification requirements can cost small businesses on average over $200,000 and larger businesses can be in the millions. Since this is also a rapidly growing exposure it is difficult for businesses to understand the definition of private information, how to protect it and how to comply with Notification Laws.
This 3 part course will provide agents with an understanding of the current exposures associated with cyber risks and ways to protect themselves and their clients.
This course is designed to increase the awareness of Cyber risks, the laws and ways to protect. The objective is for the participants to learn the following;
1. Be able to identify and define Private Information
2. Know and understand the State and Federal laws requiring businesses to protect the information.
3. Understand risk management techniques that businesses can implement to help mitigate losses.Understand how to insure this exposure and the differences in carrier policies.
4. Be able to identify the cyber risks associated with their clients business.