WTIA Introduces Cyber-Insurance to Protect Companies from Growing Data Breach Threats
Exclusive Cyber Liability Protection Program Mitigates Brand Damage and Financial Loss
SEATTLE, April 16, 2015 /PRNewswire/ -- Washington Technology Industry Association (WTIA), Washington state's unifying voice for the technology community, today introduced an exclusive Cyber Liability Protection (CLP) program to help companies mitigate brand damage, business interruption, and financial loss due to the compromise of confidential customer information. The WTIA has customized two cyber-insurance offerings to meet the unique needs of WTIA member companies that manage large data sets including financial institutions, healthcare providers, insurance companies, and online retailers, among others. The WTIA's cyber-insurance program is provided by HUB International, a leading North American insurance brokerage.
Cyber attacks are growing at an alarming rate. A recent PwC survey of 9,700 companies found that they'd detected nearly 43 million security incidents in 2014, a compound annual growth rate of 66 percent year-over-year since 2009. At the greatest risk for cyber breaches are companies with large supply chains, such as healthcare organizations. The healthcare industry was the first to implement regulations requiring business associates dealing with personal health information to carry cyber protection, and the WTIA anticipates that other industries will subject their supply chains to the same requirements within the foreseeable future.
"Cyber theft is the fastest growing crime in the world and most employers don't have basic solutions and processes in place to manage the risk," said Mike Monroe, chief operating officer at WTIA. "We believe companies that conduct business with large organizations that store mountains of confidential data will soon be required to have cyber insurance. A WTIA cyber-insurance policy ensures that you have the right protections in place to work with these industry leaders."
WTIA Cyber-Insurance Packages
In response to cyber-attacks, companies have increased efforts to secure data, but many do not have a plan detailing how they would respond to a breach. Post-breach is the period where companies often experience escalating costs and irreversible damage to their brand.
The WTIA offers two cyber-insurance packages designed for small to mid-size businesses with fewer than 100 employees. Both packages cover privacy protection, cyber extortion, business interruption, breach costs, multi-media protection, and hacker damage. The insurance also includes access to eRisk, a web-based portal containing information and technical resources that help in the prevention of network, cyber, and privacy losses. eRisk also features content from leading practitioners in risk management, computer forensics, forensic accounting, and crisis communications.
"Trialomics is a data-science services firm that serves customers in healthcare, life science, and wearable device verticals. We would not be qualified to work with industry leaders in these verticals without being HIPAA compliant and having a cyber protection strategy," said Brig Mecham, Founder of Trialomics. "The WTIA's cyber-insurance offering and resources gives my organization the credibility needed to effectively serve customers in my target market."
The WTIA's entry-level cyber-insurance policy provides $1,000,000 in Cyber Liability. Meanwhile, the enhanced-level policy is scalable, and can include increased limits for Breach Costs, Privacy Protection, Multimedia Protection, Cyber Business Interruption, Hacker Damage, and Cyber Extortion. The cost of these packages ranges from $750 to $2,500 per year.
For more information and to receive a complimentary cyber risk assessment, please visit: http://washingtontechnology.org/wtia-cyber-liability-protection/.
About Washington Technology Industry Association
Founded in 1984, the WTIA is the unifying voice for 8500 technology companies and 250,000 tech professionals in Washington. We inform and motivate industry, education and government leaders to help attract and develop the talent and capital required to make our region the leading technology community in the world. For more information visit http://www.washingtontechnology.org.
Logo - http://photos.prnewswire.com/prnh/20141217/165051LOGO
SOURCE Washington Technology Industry Association
Share this article