|[January 21, 2013]
As Cyber Risks Rise, Travelers Adds CyberFirst Essentials - Small Business to Its Lineup of Cyber Protection
HARTFORD, Conn. --(Business Wire)--
Small businesses may not think they are at risk for cybercrime, but
almost 72 percent of the 855 data breaches worldwide analyzed by
Verizon's (News - Alert) forensic analysis unit were at companies with 100 employees or
less.1 However, a questionnaire by Travelers
found that only 29 percent of small business owners surveyed were very
confident that they had adequate coverage to protect their business
against cyber liability.2 To help small
businesses protect against this rapidly growing risk and to meet the
need for expanded coverage, Travelers is introducing CyberFirst
Essentials® - Small Business.
"This new coverage targeted exclusively to small businesses extends
insurance expertise to a critical driver of the economy. Small
businesses may have exposures to sensitive information that can be
compromised," said Marc Schmittlein, Executive Vice President, Small
Commercial. "Cyber threats are on the rise and our customers rely on
Travelers for products that provide them with the depth of protection
CyberFirst Essentials - Small Business offers insurance coverage to
protect against some of the most common information security breaches
Online hacking and data theft o confidential information such as
credit card number, Social Security number, medical data, etc.
Accidental loss or sharing of personally-identifiable information
regardless of whether that information was from electronic data or
from physical paper records.
CyberFirst Essentials - Small Business is part of a Travelers
MasterPac business owners policy and can include coverage for the costs
associated with breach disclosure, credit monitoring services, resulting
litigation and more, starting at $120 with flexible limits ranging from
$25,000 to $250,000. This coverage is available through Travelers'
network of independent
Travelers has provided cyber-related
coverages for more than 15 years and understands the importance of
assisting companies and organizations to work through an incident, from
coping with the breach to expenses associated with potential lawsuits.
In addition to this new coverage for small businesses, Travelers offers
cyber coverage tailored to meet the needs of its medium- and large-sized
business customers including CyberFirst® for technology and public
entity customers and CyberRisk, offered as a stand alone or through
management liability coverage packages for public and private companies,
nonprofit organizations and financial institutions.
The Travelers Companies, Inc. (NYSE: TRV)
is a leading provider of property casualty insurance for auto,
The company's diverse business lines offer its global customers a wide
range of coverage sold primarily through independent agents and brokers.
A component of the Dow Jones Industrial Average, Travelers has more than
30,000 employees and operations in the United States and selected
international markets. The company generated revenues of approximately
$25 billion in 2011. For more information, visit www.travelers.com.
2012 Data Breach Investigation Report
The questionnaire was conducted on-site at the U.S. Chamber of
Commerce's annual America's Small Business Summit held in Washington,
D.C., from May 21-23, 2012, and is intended to represent the
sentiments of approximately 300 small business owner attendees who
participated in an in-person interview over three days
Photos/Multimedia Gallery Available: http://www.businesswire.com/multimedia/home/20130121005457/en/
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