The Washington Technology Industry Association (WTIA), a unifying voice for the state’s technology community, is adding a virtual firewall to help member companies protect their good names, avoid business interruption, and mitigate financial losses due to computer hacking and the compromise of confidential customer information.
The trade association has customized two cyber-insurance offerings to meet the needs of those member companies that manage large data sets including those in the financial, healthcare, insurance, and online retail sectors.
Cyber attacks are growing at an alarming rate. A recent PwC survey of 9,700 companies found that they’d detected nearly 43 million security incidents in 2014, a compound annual growth rate of 66 percent year-over-year since 2009.
At the greatest risk for cyber breaches are companies with large supply chains. The healthcare industry was the first to implement regulations requiring business associates dealing with personal health information to carry cyber protection, and the WTIA anticipates that other industries will subject their supply chains to the same requirements within the foreseeable future.
“Cyber theft is the fastest growing crime in the world and most employers don’t have basic solutions and processes in place to manage the risk,” said Mike Monroe, chief operating officer at WTIA. “We believe companies that conduct business with large organizations that store mountains of confidential data will soon be required to have cyber insurance. A WTIA cyber-insurance policy ensures that you have the right protections in place to work with these industry leaders.”
Cyber-Coverage for Small to Midsize Businesses
In response to cyber-attacks, companies have increased efforts to secure data, but many do not have a plan detailing how they would respond to a breach. Post-breach is the period where companies often experience escalating costs and irreversible damage to their brand.
The WTIA will offer two cyber-insurance packages designed for small to mid-size businesses with fewer than 100 employees. Both packages cover privacy protection, cyber extortion, business interruption, breach costs, multi-media protection and hacker damage.
The insurance also includes access to eRisk, a web-based portal containing information and technical resources that help in the prevention of network, cyber and privacy losses. eRisk also features content from leading practitioners in risk management, computer forensics, forensic accounting, and crisis communications. The cyber-insurance program is provided by HUB International, a leading North American insurance brokerage.
“The WTIA’s cyber-insurance offering and resources gives my organization the credibility needed to effectively serve customers in my target market, ” said Brig Mecham, Founder of Trialomics.
While the WTIA’s entry-level cyber-insurance policy provides $1,000,000 in Cyber Liability, the enhanced-level policy is scalable, and can include increased limits for breach costs, privacy protection, multimedia protection, cyber business interruption, hacker damage, and cyber extortion. The cost of the packages ranges from $750 to $2,500 per year.
For more information and to receive a complimentary cyber risk assessment, visit: http://washingtontechnology.org/wtia-cyber-liability-protection/. [24×7]
