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 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 Travelers’ cyber 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 they need.”
CyberFirst Essentials – Small Business offers insurance coverage to protect against some of the most common information security breaches including:
- Online hacking and data theft of 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 insurance agents.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. About TravelersThe Travelers Companies, Inc. (NYSE: TRV) is a leading provider of property casualty insurance for auto, home and business. 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.
- Verizon 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