FrankCrum, a leading professional employer organization (PEO), today introduced an Enterprise Cyber Liability Program available to its clients.
"Technology-related risks aren't just a concern for large corporations," said Matt Crum, Co-President of FrankCrum. "All businesses that store data online have exposure which includes most, if not all, of the small and mid-sized businesses that we serve. As a partner in their success, we want to help them mitigate this risk affordably."
The FrankCrum Enterprise Cyber Liability Program covers risks that standard business insurance policies omit, such as:
- Privacy and loss of customer information
- Data corruption or destruction
- Network disruptions due to ransomware and/or malware
- Human errors like phishing attacks and social engineering
The Program protects client companies from costs associated with actual or suspected violations of privacy regulations due to a security breach, resulting in the unauthorized release of protected personal information.
The coverage is written on a master policy and is underwritten by an AM Best "A" rated insurance carrier, AXIS Insurance Company, the specialty insurance business segment of AXIS Capital Holdings Limited ("AXIS Capital").
"There have been many high-profile incidents of cybercrime recently, and an untold number that never hit the news. It is a rightful source of stress for most business owners," said Crum. "As a PEO, we are always looking for ways to make work easier for our clients. Offering affordable cyber liability coverage does just that."
About AXIS Capital
AXIS Capital, through its operating subsidiaries, is a global provider of specialty lines insurance and treaty reinsurance with shareholders' equity at December 31, 2020 of $5.3 billion and locations in Bermuda, the United States, Europe, Singapore and Canada. Its operating subsidiaries have been assigned a rating of "A+" ("Strong") by Standard & Poor's and "A" ("Excellent") by A.M. Best.