Payroll management firm Paychex is now making cyber liability insurance available to its clients through Paychex Insurance Agency and AXIS Insurance Co.
The policy helps business owners mitigate the potential financial impact of data breaches, hackers, ransomware, and online banking fraud by assisting with costs involved in the response and recovery after an attack, up to specified policy limits.
Along with access to 24/7 crisis management and a cybersecurity law firm, subscribers get coverage for:
- Privacy regulation liability – to help offset potential fines or penalties from state and federal agencies if it’s determined that a business failed to adequately protect personally identifiable information (PII)
- Forensic investigation – to identify the source of a cyberattack and where existing security systems may have failed
- Litigation – to help pay for legal defense, even if allegations are groundless, false, or fraudulent
- Ransomware and social engineering attacks – to recover from instances of cyber extortion or fraudulent transfer instructions
- Business interruption – to provide reimbursement of reasonably expected lost net profits and data recovery costs (Included only with the $1,000,000 policy option.)
“Cyberattacks present a growing threat to businesses of all sizes, not just large corporations,” said John Gibson, senior vice president of service at Paychex. “Cybersecurity insurance can offer peace of mind and be particularly critical for businesses with fewer than 1,000 employees, 60% of which fail within six months of a cyberattack due to a lack of resources to offset the breach.”
The cyber insurance is available through Paychex Insurance Agency. The AXIS policy is administered through risk purchasing group North American Data Security RPG.
This is not the only insurance offering from Paychex. It also sells group health benefits and workers’ compensation.
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