Specialty insurer enhances cyber liability coverageReprints
NAS Insurance Services L.L.C. has enhanced NetGuard Plus, its cyber liability product.
The updates include cyber-crime coverage, coverage for payment card industry fines, penalties and assessments, business interruption expenses and coverage for cyber incidents that happened before the date of the policy, Encino, California-based NAS said in a statement Thursday.
In addition, the maximum limits are up to $25 million, according to the statement.
“We’re seeing significant growth in demand for cyber insurance from the (small to mid-sized business) sector,” Michael Palotay, national cyber liability practice leader for NAS, said in the statement. “It’s not just the large corporations with large volumes of credit card data that are targeted. Often, it is employees of smaller companies falling prey to social engineering or phishing scams that lead to a breach or other criminal activity which really hurt the small and mid-sized businesses.”