Paychex launches cyber liability product

Paychex has launched cyber liability protection which will help companies with costs from data breaches, hackers, ransomware and banking fraud.

The new policy helps businesses mitigate the potential financial impacts of cyberattacks, with access to 24/7 crisis management.

Policyholders get protection for potential fines or penalties from state or federal agencies if they are found to have failed to sufficiently protect personally identifiable information. Additionally, the company also helps clients with forensic investigations to identify where the source of the cyberattack occurred.

The cover also includes support for ransomware and social engineering attacks to recover from the exploitation.

Further to this, businesses can take out a policy which supplies a reimbursement of reasonably expected lost net profits and data recovery costs.

Paychex senior vice president John Gibson said, “Cyberattacks present a growing threat to businesses of all sizes, not just large corporations.

“Cybersecurity insurance can offer peace of mind and be particularly critical for businesses with fewer than 1,000 employees, 60% of which fail within six months of a cyberattack due to a lack of resources to offset the breach.”

Cyber insurance has become a lot more prevalent in the market over recent years, as firms try to protect themselves from rising levels of online threats.

Earlier in the year, cyber insurance platform MGA Bewica released a new set of tools to help brokers and intermediaries offer these types of policies.

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