Cyber liability protection is a new insurance policy, recently introduced by Paychex. The firm, also known as PayX, is an integrated human capital management service provider, with interest in Human Resources, payroll, insurance and other financial services.
As gathered from Yahoo Finance, the new cyber protection policy is designed to protect firms against data breaches and cyber threats. And in the event of an attack, the policy assists clients to mitigate financial impacts to as low as possible.
Cyber Liability Protection: What is it about?
According to John Gibson – a senior executive officer at Paychex – all levels of businesses are vulnerable to cyber attacks. Hence, the newly introduced policy is recommended to corporations and startups alike.
Typically, the cyber liability protection policy offers Paychex subscribers the following services:
- Forensic Investigation; aimed at identifying the origin of cyber attacks, and possible channels that can explored to track perpetrators.
- Privacy regulation liability; aimed at protecting subscribers from privacy breaches (of customer information). This policy basically assists clients in offsetting costs incurred from PII (Personally Identifiable Information) penalties.
- Business interruption; aimed at reimbursing money lost to data theft and cyber attacks.
- Litigation; designed to pay subscribers’ legal defense fees, where applicble.
- Ransomware & social engineering attacks; designed to facilitate recovery of costs, incurred from data theft and cyberfraud.
In addition, these cyber liability protection services, according to Paychex’s media representative – Michael DiLuglio – are applicable across board. However, the services are better suited for medium and small scale businesses, with a staff strength of 1000 employees or fewer. Typically, such businesses are highly vulnerable to cyber attacks, as they lack the requisite resources to offset cybersecurity breaches and accompanying costs.
Hence, in a bid to bridge this gap, medium and small scale businesses can leverage on the new policy. This way, they are able to reinforce their cybersecurity setup against hacks, and mitigate the financial impacts associated with breaches.
This policy is offered to clients via AXIS Insurance Company and the firm’s proprietary insurance agency. Prospective clients can get started by visiting paychex.com/business-insurance/cyber-liability-insurance.