Paychex, a payroll and human resources solutions provider, now offers cyber liability protection via the Paychex Insurance Agency and AXIS Insurance Company.
Paychex's cyber liability protection provides subscribers with the following coverage:
- Privacy Regulation Liability: Helps offset potential fines or penalties from state and federal agencies in the event that a business failed to adequately protect personally identifiable information (PII).
- Forensic Investigation: Helps identify the source of a cyber attack.
- Litigation: Helps pay for legal defense following a cyber attack or data breach.
- Ransomware and Social Engineering Attacks: Helps businesses recover from cyber extortion or cyber attacks that involve fraudulent transfer instructions.
- Response and Recovery Assistance: Helps cover cyber attack response and recovery costs up to specified policy limits.
Paychex's cyber liability protection helps business owners mitigate the potential financial impact of data breaches, hackers, ransomware and online banking fraud, according to the company. In doing so, the coverage ensures businesses can meet payroll obligations and bill payments after a cyber attack.
Chubb, CyberPolicy Launch Cyber Insurance Offerings
In addition to Paychex's cyber liability protection, other companies recently have launched cyber insurance offerings.
Property and casualty insurer Chubb last week introduced the Pro ERM cyber insurance offering for professional services firms. Pro ERM includes cyber, privacy and network security liability coverage that provides cyber protection, loss mitigation and incident response services.
CyberPolicy, which provides an online marketplace for small businesses to buy cyber insurance, in June unveiled the CyberPolicy Genesis cybersecurity protection bundle. CyberPolicy Genesis includes cybersecurity awareness training, dark web monitoring and other cybersecurity services, along with data breach assessment, monitoring, training and prevention tools.