Protect your business from evolving cyber risks

BY CHRISTINA AMANO DOLAN

No matter the size of your business, all businessowners are at risk in the ever-evolving cyber landscape. Get ahead of the curve by protecting your business and customers from exposure.

Virginia Farm Bureau Mutual Insurance Co.® has partnered with Hartford Steam Boiler Inspection and Insurance Co. to offer specialized cyber risk coverage to small- to mid-size businesses through a business owner’s policy endorsement.

Unlike most regional insurance carriers, VFBMIC goes “above and beyond identity theft” by offering multi-layered cyber liability coverage with HSB Cyber Suite, said Lisa Whitus, VFBMIC underwriting manager.

“Whether you think you have this exposure or not, you do,” Whitus said. “As technology evolves, there are more ways electronically to get somebody’s information than ever before.”

HSB Cyber Suite features a bundle of coverages designed to keep up with complex and evolving cyber risks:

Data compromise response: Pays insureds for forensic IT, breach notification, credit monitoring and case management services, legal counsel, PR services, reputational harm, reward payments, regulatory fines and more.

Identity recovery: Offers identity theft services for business owners, including case management and expense reimbursement for out-of-pocket costs, legal expenses, lost wages and child or elder care.

Computer attack: Pays for data restoration, data recreation and system restoration costs, including business interruption, PR services, reward payments and system improvements following an attack.

Privacy incident liability: Third-party coverage for lawsuits from affected individuals or for judgments brought by state or regulatory agencies.

Electronic media liability coverage: Covers an insured’s settlement and defense costs for lawsuits alleging copyright or trademark infringement, defamation of a person or organization, or violation of a person’s privacy.

Network security liability: Covers insured’s settlement and defense costs for lawsuits alleging computer security negligence.

Misdirected payment fraud: Pays for direct financial loss resulting from criminal deception using email, fax or telephone communications.

Computer fraud: Pays for direct financial loss resulting from unauthorized system access to transfer money.

Telecommunications fraud: Covers payments owed to a telephone service provider resulting from a fraudulent charge.

Cyber extortion: Covers expenses of a negotiator or investigator, and payments for eliminating ransomware or extortion threat.

HSB Cyber Suite doesn’t just respond. Client companies can utilize Cyber Safety, a comprehensive suite of tools designed to help prevent cyberattacks before they occur. The eRisk Hub offers clients a specialized website for accessing risk management tools, training modules, news and more.

“All businesses are at risk—large or small,” Whitus said. Despite popular misconceptions, smaller businesses with few or no safeguards often are targeted by hackers who want access to personal, customer or vendor information, she added.

“If the business owner is not concerned with their own exposures, then at the very least, they should get cyber liability coverage for the protection of their customers’ personally identifiable information.”

For more information on business owner’s policy options or to request a personalized quote, contact your local Farm Bureau office or visit vafb.com/insurance/business-owners.