Raleigh, NC (May 8, 2017) – IAT Specialty, a member of the IAT Insurance Group, has introduced a new cyber liability insurance program designed to help businesses mitigate the costs associated with data breach, identity theft and system failure associated with cyber security risks. IAT Insurance Group partnered with The Hartford Steam Boiler Inspection and Insurance Company (HSB) to create a cyber liability program that offers comprehensive coverage that can be tailored to the specific needs of the business.
In today’s environment where technology is essential to nearly every business, cyber threats are increasing in frequency and severity. “Cyber risk is a complex, infinite threat for nearly every company, and the costs of a security breach are typically not covered by a general liability policy,” explains Julie Brown, Senior Vice President, IAT Specialty. “Our new Cyber Liability Insurance is designed to help offset the costs associated with a cyberattack so the business can recover with less financial impact.”
IAT Specialty’s new Cyber Liability Insurance can be customized to meet a company’s specific needs. The program includes:
Identity Theft Recovery Insurance combines identity theft insurance with services that can save business owners the money, time away from work and trouble it takes to restore their credit history and identity records to pre-theft status.
Data Compromise Insurance pays for first-party expenses in responding to a personal data breach. Coverage also pays for outside legal counsel review, forensic IT review, notifications to affected individuals, credit monitoring, and identity restoration service to affected individuals. Defense & Liability coverage is offered for legal defense and liability costs for actions brought by one or more affected individuals or government entities.
CyberOne™ Insurance coverage helps pay for the costs associated with restoring data and computer systems as well as protect against third-party liability that may arise from a failure of a system security. Network Security Liability Coverage covers costs of defense, settlement, and judgement. Defense is provided with the coverage limits.
About IAT Insurance Group
IAT Insurance Group is a global insurance organization made up of four operating divisions – each sharing the same quality standards, commitment to service and innovation, and an overall mission of excellence. IAT Insurance Group leverages its experienced leadership talent, sound analytics, proven operating platforms and extensive risk capabilities across the entire enterprise to deliver specialized, sustainable solutions for its commercial and personal lines clients. To learn more, visit www.iatinsurancegroup.com.
CyberOne™ is a trademark of The Hartford Steam Boiler Inspection and Insurance Company (HSB).