The new Family Cyber Protection Solution can provide insurance protection with available reinsurance for carriers to manage cyber risk accumulation
AAIS (the American Association of Insurance Services) and Berkley Re Solutions, a Berkley Company (BRS), announce the creation of a proactive Family Cyber Protection Solution that can help protect consumers as cyber threats and crimes continue to increase.
“As the world becomes more reliant on the Internet for everything from e-commerce to socialization, cybercrimes are also becoming more prevalent,” said John Kadous, AAIS Vice President of Personal Lines and Auto. “There are more than 1.5 million cyberattacks every year – that’s three attacks every minute. AAIS and BRS realized this need and have developed a comprehensive form that can provide cyber coverage as well as educational resources to help mitigate cyber risk.”
The Family Cyber Protection Solution contains up to seven of the most common cybercrimes impacting families today: online extortion, social engineering, cyber bullying, identity theft, system compromise, internet cleanup and breach costs. The policy can help families recover by providing financial support for unexpected costs related to cyber-attacks. “Consider the toll of cyberbullying,” Kadous added. “With the Family Cyber Protection Solution, families may be better able to afford necessary counselling and costs associated with a child switching schools. It’s comprehensive, customizable, and simple to implement.”
The Family Cyber Protection Solution combines the potential availability of BRS’s reinsurance with the industry-leading advisory solutions AAIS is known for. “We’re proud of this cutting-edge cyber protection solution that we are offering,” said Christopher Ellis, Senior Vice President & Chief Marketing Officer from BRS. “We’ll work directly with carriers and reinsurance brokers to tailor potential programs for each carriers’ specific risk management goals. In conjunction with AAIS’ approach to form creation, and their manual and filing process, we’re delighted to work together for the benefit of carriers and insureds. This program will provide strong coverage and services for families in need.”
Source: Company Press Release