ISO announced a strategic collaboration with IDT911 (IDentity Theft 911) to become the ISO Businessowners Program vendor of choice for data breach avoidance and remediation services.
ISO’s Businessowners Program is a package policy providing broad property and liability coverage for small and midsize businesses. ISO, a member of the Verisk Insurance Solutions group at Verisk Analytics, filed an optional businessowners cyber insurance endorsement on a multistate basis this month for a March 2015 implementation date.
The collaboration will help ISO better understand the cost of data breaches and provide a more complete picture of cyber risk. In addition, ISO businessowners customers will receive discounts on a comprehensive suite of services from IDT911, which currently serves more than 600,000 businesses in the United States, Canada, and the United Kingdom.
“Cyber risk is no longer an emerging threat – it’s a reality that businesses face every day,” said Shawn Dougherty, assistant vice president of Specialty Commercial Lines at ISO. “Our alliance with IDT911 will give those insurers writing businessowners coverage access to the services and information they need to help their customers manage the complex world of cyber risk.”
“The ramifications of a breach can haunt companies and their customers for years with reputational damage to the company’s brand, potential costly litigation, and legal issues and expenses,” said Matt Cullina, CEO, IDT911. “Cyber insurance alone is no longer enough protection from these ever-evolving cyber threats. We’re pleased ISO has chosen us as their businessowners vendor of choice to offer breach expertise to their member companies.”
ISO’s cyber insurance policies allow insurers to tailor coverage for their customers by offering set packages that protect against the most common cyber exposures, including data breaches, data replacement and restoration, cyber extortion, and business interruption.
Chad Hemenway is Managing Editor of Advisen News. He has more than 15 years of journalist experience at a variety of online, daily, and weekly publications. He has covered P&C insurance news since 2007, and he has experience writing about all P&C lines as well as regulation and litigation. Chad won a Jesse H. Neal Award for Best Single Article in 2014 for his coverage of the insurance implications of traumatic brain injuries and Best News Coverage in 2013 for coverage of Superstorm Sandy. Contact Chad at 212.897.4824 or [email protected].
