Arbella Introduces CyberPro Insurance Coverage
New product offers cyber security protection and post-breach remediation for small to medium-sized businesses
QUINCY, Mass., December 4, 2017 – The Arbella Insurance Group, today announced the launch of CyberPro Data Breach and Third Party Cyber coverage. Designed specifically for small and medium-sized businesses, CyberPro offers an end-to-end cyber security solution, including proactive protection and post-breach remediation to help minimize the risk and impact of a data breach and third party cyber liability.
According to a 2017 Ponemon Institute study, more than 61 percent of small businesses have been hacked in the last 12 months, up from 55 percent in 2016. Additionally, small businesses are now the most likely target of malware and phishing campaigns. The 2017 Internet Security Threat Report by Symantec found that each day 400 businesses face incoming spear-phishing emails sent to financial staff or upper management. FBI estimates indicate that over the past 3 years there have been more than 22,000 victims of these types of scams worldwide, resulting in more than $3 billion in losses.
“Small and mid-sized businesses are now big targets for hackers,” said Eileen Currie, senior vice president of Commercial Lines at the Arbella Insurance Group. “New cyber security threats are constantly emerging and cyber insurance coverage is no longer a luxury. We are proud to be able to offer our customers this new comprehensive solution that not only provides financial coverage in the wake of a breach, but also serves as a critical resource for business owners.”
With CyberPro, policyholders are offered guidance and technical and logistical support, including:
- Employee education and prevention around cyber security
Breach notification letters for customers and government agencies
Documentation during remediation process
- Financial reimbursement for direct losses associated with a breach
Arbella CyberPro coverage is available to new Arbella customers in Massachusetts, Connecticut, Rhode Island, and New Hampshire December 1 and renewal customers February 1, 2018.
Press release does not provide a complete description of all coverages, exclusions and conditions in the policy. Policy terms may be changed from time to time. Issuance of coverage is subject to underwriting.
About the Arbella Insurance Group
Established in 1988, the Arbella Insurance Group (www.arbella.com) is a company with more than $800M in revenue with approximately $1.5B in assets, headquartered in Quincy, Massachusetts. Arbella is a customer-focused regional property and casualty insurance company, providing personal and business insurance in Massachusetts and Connecticut, and business insurance in Rhode Island and New Hampshire.
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