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Cyber Liability

What would you do if your agency had a data breach?
The vast majority of businesses that suffer a data breach fail to recover because they did not have a plan in place to deal with a possible breach. Responding to a breach is a complicated process that requires the assistance of many different professionals. Failure to notify the affected individuals without unreasonable delay could cost your agency up to $1,500,000 in fines from government agencies. Add this to the $200,000 average cost to comply with notification laws, the legal liability and the reputational harm caused by the breach and you can quickly see how this exposure can be devastating to your agency. 

We have partnered with Beazley Breach Response to provide comprehensive coverage, varied limit options, and affordable rates in a pre-set slot-rate program.*

Beazley Breach Response is the industry-leading solution for data privacy and security risk management, providing a range of services designed to help your organization respond to an actual or suspected data breach incident effectively, efficiently and in compliance with the law. 

Available to MAIA members only

Benefits of Beazley policy:
HIPAA Compliance Tools
Step-by-Step Procedures for Compliance
Data Breach Coach to Help with Notification
Forensic Investigators
Privacy Counsel
Call Center
Credit Restoration Services
Up to 50% Off Premium
Online Compliance Materials
Staff Training Programs
Expert Support Online
Regulatory Fines & Penalties
Public Relations Firm
Notification Costs Outside Limit of Liability
Credit Monitoring
Security & Privacy Liability
Ransomware and cyber extortion are growing at an alarming rate. Beazley, as well as other cyber carriers, are reevaluating their book of business and protection requirements. The questionnaire to the right will allow us to determine your eligibility for the program. Please complete the questionnaire and return to our office for review. 
Some guidelines to note on the questionnaire
• If items 4 – 10 are true, we can move forward with quoting.
If any items 4 – 10 are false, Beazley may require changes to your cyber security to proceed with a quote.
If there are any false responses in questions 11 – 16, a $50 charge may be added to the premium pricing for each false response. 
If any items from 4 – 16 are N/A, please indicate this on the question and include an explanation why. We will confirm with the underwriter if this is acceptable for their program.
Most cyber markets will not offer coverage to any professional service organization without multi-factor authentication (MFA) in place. We are happy to be able to offer a carrier that is willing to provide us with a quote so our agents will have an option. If your agency will fall into this category of not having MFA and/or VPN in place, please let us know so we can forward the application for our optional carrier to obtain a quote.

* Agencies over $10M in revenue, over 50% benefits or with prior losses need to be underwritten. 

1. Submit the Beazley questionnaire for eligibility review.
2.  One of our Account Managers will be in contact to review cyber options with you.
If you are not eligible for the Beazley Cyber program, we do have other cyber options available.



Theresa Flippin, CISR, AIP

Director of Insurance Services