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PURE Insurance Unveils Fraud, Cybercrime Coverage for Up to $1M

Privilege Underwriters Reciprocal Exchange, a property and casualty reciprocal insurer for high net worth individuals, has introduced PURE Starling coverage for people who suffer financial losses resulting from fraud and cybercrime.

PURE Starling provides coverage for financial losses due to online and offline fraud, malware removal and software reinstallation, according to a prepared statement. It also includes attack services to help cybercrime victims assess and mitigate cyber extortion threats.

With PURE Starling, subscribers can receive coverage limits of $100,000 and $250,000, the company stated. In addition, PURE is offering a $1 million coverage limit for subscribers who sign up for the Rubica cyber monitoring service.

PURE Starling is now available in the following states:

  • Arizona.
  • Colorado.
  • Connecticut.
  • New Jersey.
  • South Carolina.
  • Tennessee.
  • Wyoming.

PURE Starling will be available in additional states throughout 2017 and 2018, the company said.

What Is the Rubica Cyber Monitoring Service?

The Rubica cyber monitoring service delivers continuous network monitoring to safeguard end users against both known and unknown threats, the company stated. It is backed by cybersecurity experts, Rubica said, and helps high net worth individuals and families defend themselves against cybercriminal activities.

Ultimately, the Rubica cyber monitoring service delivers a complete, end-to-end cybersecurity solution, Chief Revenue Officer Joe Levy said. It helps end users avoid information and financial losses, Levy noted, and provides them with access to a secure private network, dedicated team of cybersecurity experts and concierge service to address their security concerns.

The Rubica cyber monitoring service is available for a monthly or annual fee. Furthermore, PURE members can sign up for the cyber monitoring service at a preferred rate, according to a prepared statement.

Should MSSPs Invest in Cyber Insurance?

Cyber insurance is becoming exceedingly important to businesses and consumers alike. As advanced cyber threats increase the risk of information and financial losses, the demand for cyber insurance may rise in the years to come.

The global cyber insurance market is expected to expand at a compound annual growth rate (CAGR) of 28 percent between 2016 and 2022, according to market research firm Allied Market Research. Also, Allied has projected that this sector could be worth $14 billion by 2022.

Some MSSPs have already incorporated cyber insurance into their offerings as well.

AsTech, a San Francisco-based cyber risk management company, this month unveiled Vigilance for Managed Qualys Services, a $1 million guarantee for securing perimeter networks on the Qualys Cloud Platform. Vigilance is available as part of AsTech’s managed services subscription and ensures Qualys Cloud Platform vulnerabilities are found and highlighted in a prioritized report, the company stated.

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