Peoria, Ill.-based RLI Corp. began offering its new network security and privacy coverage – CyberSecure – which insures losses from system vulnerability, security issues and a wide range of exposures to financial loss arising from network security and privacy breaches.
While making business much easier to transact, the use of technology has created cyber risk threats. Many web security experts report these threats are increasingly on the rise. RLI’s new product offers coverage to mid-size businesses for these emerging threats.
“We specifically designed CyberSecure to deliver solutions for mid-sized companies – those with annual revenues exceeding $2 million,” said Betty Shepherd, assistant vice president of RLI Executive Products Group. “Many insurers have focused almost exclusively on large companies. In mid-sized companies, the need for network security and privacy coverage is just as great, and CyberSecure will meet their needs.”
RLI is targeting health care organizations, financial services companies, technology service providers, traditional service providers and retailers. All of these industry groups are highly exposed to system vulnerabilities, security threats and information privacy issues as a result of their dependence upon technology and hosting of third party private data.
RLI’s coverage includes the following key features:
— First party coverage for network business interruption, data loss, crisis management and cyber-extortion.
— Third party coverage for network security, privacy, electronic media and professional liability for technology and other professional services.
— Limits up to $10 million, minimum premium of $25,000 and deductible of $25,000 .
To help mitigate loss exposures, RLI also launched a private web-based portal to provide CyberSecure policyholders with information and technical resources that can assist them in the prevention of network security and privacy breaches and support them should a breach occur. Resources available from the portal cross a broad range of disciplines, including legal/regulatory compliance, information technology (IT) security, privacy, disaster recovery/business continuity, computer forensics, forensic accounting, public relations, credit monitoring and law enforcement. The portal is powered and maintained by NetDiligence, a cyber risk assessment services company.
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