American insurance administration services provider Paychex has introduced cyber liability protection coverage for businesses.
Made available through Paychex Insurance Agency and AXIS Insurance Company, the new coverage will enable businesses to prepare for unexpected costs resulting from data breaches, hackers, ransomware, and online banking fraud.
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The service will offer subscribers access to round the clock crisis management and services of a cybersecurity law firm.
The plan offers subscribers coverage for privacy regulation liability, forensic investigation, litigation, ransomware and social engineering attacks, and business interruption.
Privacy regulation liability will help offset potential fines or penalties from state and federal agencies while Forensic investigation coverage will help identify the source of a cyberattack.
Litigation coverage will cover legal expenses, whereas ransomware and social engineering attacks coverage will help to recover from instances of cyber extortion or fraudulent transfer instructions.
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By GlobalDataIn case of business interruption, the affected client can claim for reimbursement of reasonably expected lost net profits and data recovery costs.
Paychex senior vice president of service John Gibson said: “Cyberattacks present a growing threat to businesses of all sizes, not just large corporations.
“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.”
Businesses can avail flexible coverage limits to secure the right policy for their unique circumstances, the company said.
