American Agricultural Insurance Company (AAIC), a provider of agriculture re/insurance solutions, has announced the launch of Cyber Coverage, a turnkey cyber insurance product available exclusively for Farm Bureau insurance companies.
The new product is designed for small business owners and farmers/ranchers and helps policyholders mitigate the risk of common types of cyber incidents.
Tim Smith, Senior Vice President of Operations at AAIC, explained that the interconnected nature of modern day practices increases the speed and reach of commerce, but also puts businesses at risk for cybercrime and other cyber incidents.
Along with integrated support services provided by CyberScout, AAIC says it will provide training, marketing collateral, filing support, reinsurance, policy forms, silent cyber analysis, underwriting guidelines, and primary pricing to the Farm Bureau insurers that offer the product.
“At AAIC, we pride ourselves on our service and support for the Farm Bureau® insurance companies,” said Janet Katz, Executive Vice President and CEO of AAIC. “With our new Cyber Coverage product, our goal is to provide additional value by helping them meet their policyholders’ needs.
Matt Cullina, Chief Executive Officer of CyberScout added, “CyberScout is proud to partner with AAIC to deliver cyber insurance services to small business owners, including farmers and ranchers, at a time when it is needed more than ever.”
“More small businesses are becoming victims of cyber attacks, and the consequences can be devastating. Our services are designed to help businesses reduce exposures and recover fast.”