ISO’s new cyber insurance coverage options for small and midsize businesses became available March 1.
The optional cyber endorsements are for use with the ISO Businessowners Program, a package policy used by insurers to provide broad property and liability coverage for small and midsize businesses.
These new coverage options become available at a time when studies show that most cyber insurance is purchased by larger companies with more than $1 billion in revenue and as U.S. Treasury officials look to make cyber insurance more accessible to companies of all sizes.
“Small and midsize businesses are often the victims of cyber attacks. But buying a stand-alone cyber insurance policy can sometimes be too expensive for them to consider,” said Beth Fitzgerald, president of ISO Insurance Programs and Analytic Services.
She said the new businessowners coverage options give insurers new tools to address this “underserved cyber insurance market.”
ISO’s cyber insurance policies allow insurers to tailor coverage for customers by offering set packages that protect against data breaches, data replacement and restoration, cyber extortion and business interruption.
ISO businessowners customers can also receive preferred pricing on services from IDT911, which is ISO’s preferred vendor for data breach avoidance and remediation services. IDT911 provides identity and data risk management, resolution, and education services.
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