Paladin Cyber, a cyber protection and remediation firm, has developed a cyber insurance product tailored for small and mid-sized businesses. Along with its existing software products and services, the new product will enable Paladin to offer a comprehensive cyber-risk assessment, mitigation, transfer, and response platform.
Underwritten by National Specialty Insurance Co. with Boost Insurance serving as program administrator, the new product will have limits ranging from $50,000 to $1 million. The product offers first- and third-party coverage for a range of costs associated with hacking attacks, breaches and other cyber-related incidents, including:
- Forensic expenses to determine causality, quantify loss and remediation costs
- Privacy notifications, call centers, employee overtime, credit monitoring and other expenses related to handling a breach
- Expenses associated with addressing extortion threats
- Data replacement or restoration
- Business income and extra expense associated with downtime arising from cyber incidents
- Limited public relations expenses
- Computer fraud, including loss of funds resulting from a network breach
- Payment card industry fines and penalties
- Cyber/privacy defense and liability costs
Businesses and other entities enrolling in Paladin Cyber’s software products and services can obtain insurance terms with competitive rates. The services include phishing inbox protection, cross-site-scripting protection and public WiFi protection, as well as a browser content filter, password manager, and qualified resources for cyber education and incident response.
Paladin Cyber’s new commercial cyber insurance policy is currently available on an admitted basis in Arizona and is pending approval in several other states.
Established in 2017, Paladin Cyber offers a suite of proprietary tools and resources to help small and mid-sized businesses and government entities throughout the U.S. assess and manage cyber exposures.
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