Great American Insurance Group Launches Cyber Risk Policy

 

Saturday, Mar 28,2009, 4:42:11 PM   Click:

Copyright: Business Wire
Source: Business Wire
Wordcount: 623

Business Editors

CINCINNATI - (BUSINESS WIRE) - March 27, 2009 - A new modular policy providing coverage for a series of cyber-risks, based on ISO-Internet and the political responsibility of protecting the network (ILNPP) is now available with Great American Insurance Group, a supplier of specialty property and casualty insurance. Great American has also contracted with 911 cases of identity theft to provide dispute resolution services for identity theft to policyholders in the event of a covered loss. 911 cases of identity theft is a leading provider in identity theft and fraud, the resolution of educational services. Is likely to cover cyber packed first and third part of the exhibition.

Great American Cyber insurance against risks has been developed to protect commercial enterprises, including non-profit, exposure inherent in the use of the Internet as a business tool. "Almost all organizations have a website and maintains a database of information about the client has a genuine exposure to operating losses, including regulatory issues must be addressed," said Jeremy Ong , vice president of division with the Great American Division markets substitution.

"Industry data indicates that incidents of data theft have increased significantly over the years. The thieves seem quite willing to victimize young mother and pop" operations, as well as large companies , "said Ong.

The average cost of a data breach, according to the Ponemon Institute study on the annual costs of the United States of a breach of data, is now at $ 202 per compromised record in 2008. Accordingly, the compromise of even a small customer database can lead to significant loss of business.

"By offering affordable and value-added cyber risk solution, Great American is to help clients manage their risks of loss of business that most can not afford to absorb," said Ong.

Great American Insurance Cyber Risk includes six modules that product May be purchased individually, collectively or in any combination. Included are products of Web Publishing, network security, replacement or restoration of electronic data, cyber extortion, loss of business income and costs associated with system Unauthorized Access Notification. Limits of insurance and deductible levels May be customized as needed. A complete schedule of coverage and general purpose Endorsements is also available under the Cyber Risk.


The company Alternative Markets Division began to deploy the new product at the moment appointed agents and plans to aggressively expand their distribution channel in the coming months. If your organization is interested in learning more about Great American Insurance Cyber Risk capabilities, please contact Jeremy Ong, Divisional Vice President Alternative Markets Division, jong@gaic.com, Mike Wood, Sarah or mwood@gaic.com Comerford , scomerford@gaic.com.

About Identity Theft 911 ®

Identity Theft 911 is a leader in identity theft resolution, providing innovative, enterprise-level fraud solutions and consumer education to Fortune 500 companies, many of America largest insurance companies, corporate benefits and a wide range of financial institutions. More than 12 million households are enrolled in the management of the complete identity of its programs. For more information, visit www.identitytheft911.com.

About Great American

Great American Insurance Group roots date back to 1872 with the founding of its flagship company, Great American Insurance Company. Headquartered in Cincinnati, Ohio, the operations of Great American Insurance Group are engaged primarily in property and casualty insurance, focusing on specialty products for businesses, and the sale of fixed, indexed and variable annuities and a variety Product insurance. Great American Insurance Company has received an "A" (excellent) or higher rating of AM Best Company for over 100 years (most recent rating evaluation effective December 17, 2007.) Members of the Great American Insurance Group are subsidiaries of American Financial Group, Inc. (AFG) also based in Cincinnati, Ohio.