Open Forum

  • 1.  Cyber Liability Insurance

    Posted 11-17-2016 06:04 PM

    I wanted to ask if anyone has recommendations for resources for securing Cyber Liability Insurance or learning more about it?  Fineline is a subcontractor on a new contract we recently won.  Our client is the Prime Supplier on a State contract to provide Medicare/Medicaid Insurance to eligible residents of the State.

     The Prime Supplier (our customer) has asked us to get $10,000,000 of Cyber Liability Insurance as part of the requirement of to be a subcontractor.  What we are discovering is that it is difficult to find companies who sell this type of coverage and the ones we’ve found have premiums or $30k per year.  Any thoughts/advice is greatly appreciated.  Thanks.

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    Lisa Young
    COO
    Fineline Printing Group
    Indianapolis IN
    317-802-1962
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  • 2.  RE: Cyber Liability Insurance

    Posted 11-18-2016 06:38 AM

    Hi Lisa –

    We'd be happy to assist and discuss or guide you to resources for cyber liability insurance. In fact, we have just launched the BIZLOCK cyber liability insurance program, which is insured by AIG and that is now part of the Idealliance Member Advantage Program (see https://bizlock.net/idealliance). However this is for smaller firms (under $10MM in revenue) and lower limits. For larger limits, try Idealliance member Ron D'Alessandro of Edwards & Company at rda@... or (631) 472-8482 as Ron helped us launch the new cyber program.

     

    A couple of quick thoughts are  i) try to negotiate down the contractual requirements, ii) perhaps secure a lower limit for your firm but a higher limit specific only to this contract and/or iii) invest in the $10MM limit to broadly cover all of your operations. There is a lot of data potentially exposed and $10MM can go pretty quickly when there is a sizable breach.

     

    We are intending on having articles, webinars and other member activities on this subject after the holidays. Members that are interested can let Dean  ddambrosi@... and/or Dawn dlospaluto@... know of their interest and if any specific topics are desired. OK, bye for now...

     

    Thomas A. Widman, CPCU, AMIM

    Identity Fraud, Inc./

    BIZLock Insurance Services

    1700 N. Broadway

    Walnut Creek, CA 94596

    T: 925-296-2601

    F: 925-296-2606




    Original Message


  • 3.  RE: Cyber Liability Insurance

    Posted 11-18-2016 09:43 AM

    You may want to connect with kevin Keane https://www.linkedin.com/in/kevinkeaneatty  I regard him at the SME in our industry for cyber security risk.  He's a thoughtful approachable individual too.

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    Scott Eganhouse
    V.P. Business Development
    TEC Mailing Solutions, LLC
    Sun Prairie WI
    (608) 268-6047

    Original Message