Security America Risk Retention Group Announces Cyber Liability Coverage Embedded in All New Policies
Irving, TX (March 13, 2017) - With a mission to best protect its policyholders, Security America Risk Retention Group (RRG) is addressing the growing concern for cyber security with new cyber liability coverage. As of March 1, 2017, Security America RRG policyholders, upon renewal, will have a $50,000 limit of data breach coverage embedded in their general liability policy.
Data security breaches and compromises of customer and employee data continue to be reported at high frequencies. Since 2005, 896 million personal records have been breached in the United States. When a breach occurs, a small business needs to be ready to respond quickly and effectively to mitigate its exposure to brand damage and legal liability.
â€œThere are so many different ways that customer data can be breached today. It can be as simple as the loss of a company laptop or cell phone or through a targeted hacking ploy,â€ says Michael Keegan, president of Security America RRG. â€œSecurity America recognizes this growing problem and has taken the lead to protect our policyholders by providing coverage for liability and extra expenses affiliated with data breaches.â€
The new coverage protects against damages and expenses resulting from a violation of a privacy law for:
- Theft, loss, or unauthorized disclosure of personally identifiable non-public information or third party corporate information
- Acts or incidents that directly result from a failure of computer security to prevent a security breach
- Failure to timely disclose an incident in violation of any breach notice law
- Prohibits or restricts the disclosure, sharing or selling of a personâ€™s personally identifiable non-public information;
- Requires access to personally identifiable non-public information or to correct
- Incomplete or inaccurate personally identifiable non-public information after a request is made by a person
- Mandates procedures and requirements to prevent the loss of personally identifiable non-public information
- Failure to administer (a) an identity theft prevention program or (b) an information disposal program required by regulations and guidelines
In addition, policyholders also gain access to breach services including forensic and legal assistance from a panel of experts to help determine the extent of the breach and the steps needed to comply with applicable laws.
Keegan continues, â€œData security breaches are real and need to be taken seriously. It is no longer a matter of if your business will suffer from a data breach, it is now a matter of when. Be sure to protect your business from the costs of managing a data breach by going with Security America RRG.â€
For more information on how to manage your risk and protect your business through Security America RRG, please contact us at 866-315-3838 or via email at USRisk@SecurityAmericaRRG.com.