Exclusive Member Benefits

Secure your practice for cyber risks

 December 10, 2018
Exclusive Member Benefits

 Did you know?

  • More than 50 percent of businesses have experienced a cyberattack, according to a 2017 report.*
  • The cost of cyber risk events for small- to mid-sized businesses is anywhere from $5,000 to over $50,000.*

If you have electronic devices, store data and client information, and are dependent on the internet, you carry significant cyber risk. Consider the following loss scenario to see how you could potentially be impacted by a cyber incident.

The customers of a real estate agency received strange emails appearing to have come from the firm. An outside IT consultant investigated and fixed the problem for the real estate firm. Several weeks later, the firm received a letter from an attorney alleging that a former customer had been infected by a virus received in an email message sent by an agent of the firm. The real estate firm engaged an attorney and resolved the matter at a cost of $48,000.

To help your firm respond and recover from a cyberattack, the Pearl Insurance exclusive Cyber Endorsement can be added to your errors & omissions policy. Here’s how it works:

CyberOne‚ĄĘ helps pay for the costs associated with restoring data and computer systems and also protects against third-party liability that may arise from a failure of system security. Coverage includes computer attack and network security liability.

Data Compromise helps clients respond to the financial burden and service obligations of a data breach. Coverage includes response expenses and defense and liability.

Pearl’s E&O Cyber Endorsement includes access to an online resource center with information on best practices, privacy and security training, and risk management tools for cyber exposures. Assess your risk and develop an effective response plan to help protect your client relationships and business reputation in the event of an attack. 

For more information about E&O coverage with Cyber Endorsement, contact a Pearl Insurance specialist at 855-465-0200 or visit pearlinsurance.com/wra. 

CyberOne‚ĄĘ is a trademark of The Hartford Steam Boiler Inspection and Insurance Company. The recommendations in this article may differ from state and local practices. Coverage is underwritten by Greenwich Insurance Company and Indian Harbor Insurance Company, which are both AXA XL insurance companies.Coverage is not available in all jurisdictions.

*‚ÄúHalf of U.S. Businesses Have Been Hacked.‚ÄĚ Reinsurance: Global Risk Solutions from Munich Re, September 28, 2017.

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