Zurich adds cyber insurance offering for middle market businesses
Cyber and TechnologyNews ReleaseJuly 10, 2023
SCHAUMBURG, Ill., July 10, 2023 – Zurich North America, a provider of cyber risk solutions for over a decade, has introduced a cyber insurance offering designed specifically for middle market businesses. The Zurich Cyber Insurance Policy – Concierge Suite includes not only Cyber Insurance coverage but also loss-prevention and resilience services such as a breach coach and a cybersecurity hotline available 24/7.
The Zurich Cyber Insurance Policy – Concierge Suite, which can help businesses resolve both first-party cyber events and third-party claims, is available as a complement to other property or casualty coverages that a company has with Zurich.
“Many middle market companies have been caught in a cyber resource gap,” said Michelle Chia, Head of Professional Liability and Cyber at Zurich North America. “They do not have the extensive cybersecurity teams and tools that larger corporations do, and yet face equally serious cyber risks. We designed Zurich’s middle market policy to be a turnkey solution that provides cost-effective protection and high-quality services. The goal is to help simplify and enhance cyber resilience for the middle market segment, which is a growing and vital driver of the economy.”
Studies find middle market businesses are particularly vulnerable to cyber threats. In the first quarter of 2023, a survey of midsize businesses with less than 2,000 employees found that 27% of respondents had no cyber insurance coverage and 24% suffered a cyberattack or were unsure if they suffered a cyberattack in the previous 12 months. It also found 61% do not have dedicated cybersecurity experts in their organization and 47% do not have an incident response plan.1
“Many middle market companies tell us they want to improve their cyber posture but lack the staff, skill sets or access to cost-effective tools,” said Alex Wells, Head of Middle Market at Zurich North America. “Zurich’s middle market policy is here to help. In the unfortunate event of an attack, customers with this solution don’t have to scramble to find reliable incident response services or worry about being gouged on price. Incident response and recovery and other essential services are built into this holistic solution.”
The Zurich Cyber Insurance Policy – Concierge Suite has met insurance regulations for “admitted” status in 46 states. One benefit of admitted status is that regional brokers do not need a special license to offer the solution to their clients, removing one barrier to accessing cyber coverage in the middle market space.
Those who purchase the policy are entitled to a complimentary onboarding session with Zurich Resilience Solutions’ Cyber Risk Engineers, who can recommend appropriate steps to help prevent and recover from losses. Cyber resilience is critically important. One study found that 60% of small companies are out of business within one year of being a victim of a cyberattack.2
This admitted solution includes pre- and post-event cyber services from leading vendors with whom Zurich has longstanding relationships. Among the resources included in the Zurich Cyber Insurance Policy – Concierge Suite:
- Triage when network security is threatened or under attack
- Incident-response teams to identify attackers and contain the impact
- Support in restoring and recovering critical operations
- Assistance with data breach notification obligations and crafting an appropriate response
Zurich’s dedicated Cyber Claims team includes experienced attorneys with deep cyber knowledge and years of experience handling claims and helping in recovery.
Zurich continues to offer cyber insurance products and services for qualified larger companies as well.
Middle market companies interested in Zurich’s middle market policy should contact their broker or visit the Zurich Cyber webpage for more information.
1. Huntress. “The State of Cybersecurity for Mid-Sized Businesses in 2023: Under-Staffed and Under-Resourced.” Huntress. March 2023.
2. Johnson III, Robert. “60 percent of Small Companies Close Within 6 Months of Being Hacked.” Cybercrime Magazine. 2 January 2019.
Media contact: Wendy Donahue, Zurich North America, 773-991-9835, Wendy.donahue@zurichna.com