As organizations become increasingly aware of their cyber risk exposures, cyber and privacy liability insurance coverage is becoming a standard insurance protection among commercial accounts of all sizes
Bala Cynwyd, PA (PRWEB) August 01, 2016
The average cost to investigate a data breach and comply with statutory notification requirements was $217 per lost or stolen record in 2015*. Multiply that cost by thousands of records, add the costs of regulatory proceedings and lawsuits from groups alleging damages, and a business could quickly be facing a serious financial strain. Philadelphia Insurance Companies’ (PHLY) new Cyber Security Liability Endorsement offers both first and third party protection for numerous classes of business.
The Cyber Security Liability Endorsement can be added to most PHLY commercial package policies with General Liability coverage. Available coverages include Security Event Costs, Network Security and Privacy Liability Coverage, and Employee Privacy Liability.
“As organizations become increasingly aware of their cyber risk exposures, cyber and privacy liability insurance coverage is becoming a standard insurance protection among commercial accounts of all sizes,” commented Kim Hamiltion, Vice President in the Commercial Lines division at PHLY. “PHLY’s Cyber Security Liability Endorsement has the flexibility to attach to virtually any PHLY-issued policy, making it easier to attract and retain accounts that don’t require or have the budget for stand-alone policies with higher limits.”
As with PHLY’s stand-alone Cyber Security Liability coverage, the endorsement also provides coverage for customer notification expenses and credit protection services. For more information on the PHLY Cyber Security Liability Endorsement, please visit PHLY.com or contact a PHLY Marketing Representative at 1-800-873-4552.
About Philadelphia Insurance
Philadelphia Insurance Companies designs, markets, and underwrites commercial property/casualty and professional liability insurance products incorporating value added coverages and services for select industries. In operation since 1962, the Company, whose commercial lines insurance subsidiaries are rated “A++” (Superior) by A.M. Best Company and “A+” for counterparty credit and financial strength by Standard & Poor’s, is nationally recognized as a member of Ward's Top 50, National Underwriter’s Top 100, and one of the Top 150 Workplaces in America. Policies are underwritten by Philadelphia Indemnity Insurance Company, admitted in all US states and D.C., except Louisiana and Tokio Marine Specialty Insurance Company, a surplus lines insurer admitted in Delaware for surplus lines and authorized in all other US states and D.C. The organization has more than 50 offices strategically located across the United States to provide superior service. For more information, please visit http://www.PHLY.com.
*2015 Cost of Data Breach Study: Ponemon Institute