New Cyber Coverage in Commercial

The statistics about cybercrime are enough to keep a person awake at night:

• 43% of cyber breach victims are small- to mid-size businesses, according to Verizon’s 2019 Data Breach Investigations Report.
• Also according to Verizon, 1 in 9 system compromises happen in under a minute.
• 9.7 billion records have been leaked since the start of 2019. 

With this threat hanging over businesses, Acuity is excited to announce an upcoming change to our commercial lines cyber insurance offerings that will make your job easier. As part of our continuing partnership with Hartford Steam Boiler (HSB), our current separate Cyber Liability, Data Breach, and Identity Recovery coverage forms will transition to one form that includes all three coverages. In addition, two coverages, Misdirected Payment Fraud and Computer Fraud, are added.

With all these necessary coverages in one single form, you will no longer need to pick and choose which coverage fits your customer’s unique needs. Your customers can rest assured their needs are met with this new Acuity form.

Included in the new Acuity form are these coverages:

• Data Compromise Response Expenses
• Computer Attack
• Cyber Extortion
• Misdirected Payment Fraud (new coverage)
• Computer Fraud (new coverage)
• Data Compromise Liability
• Network Security Liability
• Electronic Media Liability
• Identity Recovery

In addition to the new Acuity cyber coverage form, your customers will have access to eRisk Hub, providing access to resources such as a risk assessment survey, tools to estimate the anticipated cost of a breach, and a news center to keep up with the latest cyber news. Finally, if a covered cyber loss does occur, your customers can rest easy knowing that all cyber claims are managed by experienced cyber claim specialists who are available 24/7. 

Watch for upcoming announcements when this exciting new coverage from Acuity is available!