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Cyber Liability for Agents

Handling sensitive information is now one of the most critical responsibilities faced by the modern insurance agency.

Regulations Apply

The Gramm-Leach-Bliley Act (GLBA) established requirements to help protect your client’s data and it is important to understand how they apply to your agency.

The IIABA Office of General Counsel reviewed the agents legal requirements regarding this law and prepared a guide for agents entitled “ IIABA - The Privacy Provisions of the Gramm-Leach-Bliley ACT and Their Impact on Insurance Agents & Brokers." Section VI - ”Data Security & Integrity Requirements” - describes the “final rule” and the mandated actions insurance agencies must do to be in compliance with this Federal Law.

Your Agency Needs a Cybersecurity Management Policy

IIABA’s Agents Council for Technology created a sample cybersecurity policy to help agencies easily comply with the requirement to have a cybersecurity policy in place. You can use this free resources to write your own agency security policy.

Your Agency Needs a Good Cyber Insurance Policy

Although Cyber coverage is sometimes available through your E&O policy, IIAT recommends stand-alone coverage for its broader policy language and higher limits.

Axis Insurance Company provided by Wingman Insurance, rated “A+” (excellent) by A.M. Best, provides additional information on insurance coverage you may be eligible for, including:

  • Liability coverage for loss of revenue when your website is locked, down or inaccessible for business.
  • Legal guidance on how and when to communicate breaches to your clients.
  • If your data is being locked and held for ransom, a forensics firm to assess the situation.
  • Covered malware breaches from the point of detection, some of which can bypass even the most sophisticated protective measures.
  • Post-event protections for affected clients and staff including credit monitoring, identity monitoring and personal insurance plans.
  • A specialist PR firm to protect your reputation and limit the loss of future business.
  • Forensic specialists that will trace the cause and suggest necessary fixes.
  • In concert with you, dedicated attorney teams to defend you against injury claims caused by a breach.

Get Cyber Liability Coverage for you and your clients.

Wingman provides an easy online application, a fully-automated policy issuance and online direct bill payment process.

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Cari Senefsky

Director of Professional Liability
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Gunnar Kephart

E&O Advocate