Data Breach Insurance
Many small business owners mistakenly believe that cyber crime, identity theft, and data hackers target only large businesses. Unfortunately, this is far from the truth. Big businesses get hacked, but small businesses are now becoming the focus of cyber crime cartels. According to a 2009 study by the Ponemon Institute, a leading benchmark research company, first time data breaches are more expensive than those experienced by organizations that have had previous data breaches.
Our Data Breach Insurance is a new and unique indemnification program acquired to reduce monetary exposure in the event of a data compromise of a merchant account. This insurance is designed specifically to meet the expenses resulting from a suspected or actual breach of credit card data from a merchant account. The program is offered by Royal Group Services exclusively (www.royalgroupservices.com) and underwritten by Great American Insurance Group (www.greatamericaninsurance.com), a financially strong insurance organization whose insurance companies are rated “A” by independent third party rating agencies. To learn more about the protection services “click here.”
Covers significant expenses from actual or suspected data breaches such as:
- Fines levied by card associations for data breaches
- Forensic, i.e., legal audit investigations
- Replacement of compromised debit and credit cards
- Policyholders are protected even if they have not yet completed their PCI compliance
- Each merchant is protected up to a maximum of $50,000 and there is NO deductible
