ISO announced today new coverage options effective March 1 that target one of the most underserved cyber insurance markets in the United States — small and midsize businesses. ISO is a Verisk Analytics (Nasdaq:VRSK) business.
The new optional cyber endorsements are for use with the ISO Businessowners Program, a package policy used by many insurers to provide broad property and liability coverage for small and midsize businesses. These new coverage options take effect at a time when studies show that most cyber insurance is purchased by larger companies with more than $1 billion in revenue and as U.S. Treasury officials look to make cyber insurance more accessible to companies of all sizes.
“Small and midsize businesses are often the victims of cyber attacks. But buying a stand-alone cyber insurance policy can sometimes be too expensive for them to consider,” said Beth Fitzgerald, president of ISO Insurance Programs and Analytic Services. “Our new businessowners coverage options give insurers new tools to address this underserved cyber insurance market.”
ISO businessowners customers can also receive preferred pricing on a comprehensive suite of services available from CyberScout, the ISO Businessowners Program vendor of choice for data breach avoidance and remediation services. CyberScout is one of the nation’s premier consultative providers of identity and data risk management, resolution, and education services.
“Cyber attacks can happen at any moment and inflict major damage to businesses of all shapes and sizes,” said Shawn Dougherty, cyber product development director for ISO Insurance Programs and Analytic Services. “The new businessowners endorsements combined with our strategic collaboration with CyberScout give carriers access to the tools and services they need to help their customers manage cyber risk.”
ISO’s cyber insurance policies allow insurers to tailor coverage for their customers by offering set packages that protect against many significant cyber exposures, such as data breaches, data replacement and restoration, cyber extortion, and business interruption. Information about ISO’s various cyber offerings, along with informative trade journal articles and blog posts, can be found on the ISO Cyber Risk Solutions website, www.iso.com/cyber.
Since 1971, ISO has been a leading source of information about property/casualty insurance risk. For a broad spectrum of commercial and personal lines of insurance, ISO provides statistical, actuarial, underwriting, and claims information and analytics; compliance and fraud identification tools; policy language; information about specific locations; and technical services. ISO serves insurers, reinsurers, agents and brokers, insurance regulators, risk managers, and other participants in the property/casualty insurance marketplace. ISO is a Verisk Analytics (Nasdaq:VRSK) business. For more information, visit www.verisk.com.
About CyberScoutTM (IDentity Theft 911®)
Founded in 2003, CyberScoutTM is the nation’s premier consultative provider of identity and data risk management, resolution, and education services. The company serves 17.5 million households across the country and provides fraud solutions for a range of organizations, including Fortune 500 companies, the country’s largest insurance companies, employee benefit providers, banks and credit unions, and membership organizations. A subsidiary of CyberScout, CyberScout ConsultingTM provides information security and data privacy services to help businesses avert or respond to a data loss incident. Together, the companies provide preventative and breach response services to more than 770,000 businesses in the United States, Canada, and the United Kingdom. CyberScout is the recipient of several awards, including the Stevie Award for Sales and Customer Service and the Phoenix Business Journal Tech Titan award for innovation in breach and fraud-fighting services. The company is the organizer of the Privacy XChange Forum, an annual conference that brings together high-profile privacy thought leaders. For more information, please visit www.idt911.com, www.idt911consulting.com, www.facebook.com/idt911, and www.twitter.com/idt911.