According to Travelers Business Risk Index 2015, cyber risks are the number one concern overall for professional firms.  Just one virus or resourceful hacker can cause huge financial and reputational consequences for a design firm, and that’s why it is important to be prepared with the right coverage.

Here is a claim scenario: A design firm stored its customers’ information in a third-party cloud computing environment which suffered a major data breach, compromising the information of thousands of the firm’s customers. As the data owner the firm managed the resulting impact to its business and customers. As a result, Attorneys General in several states began a regulatory investigation to determine whether the firm responded appropriately to the breach in accordance with various state laws.

On November 22, 2016, Maloney & Company received a visit from Fotiona Koruni and Samantha Kirby, two account executives for Travelers Bond & Specialty Insurance to discuss cyber risk coverage. Travelers Wrap+ CyberRisk coverage includes 10 insuring agreements, such as, network and information security liability, regulatory defense expenses, computer fraud, and funds transfer fraud. Also, the Wrap+ allows for discounts and easier renewal when bundling Cyber with Crime, D&O, and EPLI policies. Their 8 page CyberRisk application has recently been cut down to 3, for an easier application process. Travelers continues to prove their extensive industry and product knowledge, and we are happy to work with them!