Penn National Insurance will begin offering cyber security insurance coverage as part of its commercial lines product offerings. Cyber security insurance provides coverage for expenses and exposures associated with a data breach, such as notification of a breach and remediation services for impacted individuals. The product includes coverages for first-party privacy breach expense, regulatory proceeding claim expenses and third-party cyber liability, along with optional business interruption coverage.
“All businesses are at risk for a data breach, and small to mid-size businesses are the most vulnerable. Businesses that do not have cyber liability insurance will pay three times more for remediation and response services,” according to Randal Mancini, vice president of commercial lines.
Mancini said Penn National has partnered with data risk management service provider IDT911 to provide incident analysis, response and remediation services.
In addition, commercial policyholders have assistance to proactive privacy breach services and tools, including educational materials and training modules. If a breach occurs, IDT911 experts will help commercial policyholders respond. The company will assess breach severity, provide advice on notification and regulatory requirements, and assist with media relations and necessary steps to safeguard sensitive information.
Penn National Insurance is a regional mutual insurer that underwrites insurance in nine mid-Atlantic/eastern states and two mid-western states, selling commercial and personal property-casualty insurance through its network of independent agencies.
Was this article valuable?
Here are more articles you may enjoy.