The American Association of Insurance Services and Berkley Re Solutions have partnered on a family-focused cyber protection solution.
Family Cyber Protection Solution is designed to deal with threats such as online extortion, social engineering, cyber bullying, identity theft, system compromise, internet cleanup and breach costs.
The companies say this policy can help families recover by providing financial support for unexpected costs related to cyber-attacks.
“As the world becomes more reliant on the Internet for everything from e-commerce to socialization, cybercrimes are also becoming more prevalent,” said John Kadous, AAIS Vice President of Personal Lines and Auto.
“There are more than 1.5 million cyberattacks every year – that’s three attacks every minute. AAIS and BRS realized this need and have developed a comprehensive form that can provide cyber coverage as well as educational resources to help mitigate cyber risk.”
The Family Cyber Protection Solution combines the potential availability of BRS’s reinsurance with the advisory solutions AAIS is known for.
“We’re proud of this cutting-edge cyber protection solution that we are offering,” said Christopher Ellis, Senior Vice President & Chief Marketing Officer from BRS.
“We’ll work directly with carriers and reinsurance brokers to tailor potential programs for each carriers’ specific risk management goals. In conjunction with AAIS’ approach to form creation, and their manual and filing process, we’re delighted to work together for the benefit of carriers and insureds. This program will provide strong coverage and services for families in need.”