Great American Insurance Group Introduces Cyber Risk Policy

A new modular policy providing coverage for a variety of cyber risks, the ISO based-Internet Liability and Network Protection Policy (ILNPP), is now available from Great American Insurance Group, a preferred provider of specialty property and casualty insurance. Great American has also contracted with Identity Theft 911 to provide identity theft resolution services to policyholders in the event of a covered loss. Identity Theft 911 is a leading provider in identity theft resolution and fraud education services. This packaged cyber risk solution covers first and third party exposures.

Great American’s Cyber Risk Insurance was developed to protect commercial enterprises, including not-for-profit organizations, from exposures inherent with the use of the Internet as a business tool. “Practically every organization that has a website and maintains a database of client information has real exposures to business loss, not to mention the regulatory issues that require consideration,” said Jeremy Ong, Divisional Vice- President with Great American’s Alternative Markets Division.

”Industry data indicates that incidents of data theft have increased substantially year over year. Thieves appear perfectly willing to victimize smaller ’mom and pop’ operations as well as the larger enterprises,” added Mr. Ong.

The reported average cost of a data breach, according to the Ponemon Institute’s annual study on the US Cost of a Data Breach, is now up to $202 per record compromised in 2008. Consequently, the compromise of even a modest customer information database can result in a sizable business loss.

“By offering an affordable and value-added cyber risk solution, Great American is helping its customers manage their risk to a business loss that most can ill-afford to absorb,” Ong said.

Great American’s Cyber Risk Insurance includes six separate product modules that may be purchased individually, collectively or in any combination. Included are products for Website Publishing, Network Security, Replacement or Restoration of Electronic Data, Cyber Extortion, Loss of Business Income and costs associated with Computer System Unauthorized Access Notification. Limits of insurance and deductible levels may be customized as needed. A full schedule of coverage and general use Endorsements is also available as part of the Cyber Risk program.

The company’s Alternative Markets Division has started to roll out the new product to currently appointed agents and plans to aggressively expand their distribution channel in the months ahead. If your agency is interested in learning more about Great American’s Cyber Risk Insurance capabilities, please contact Jeremy Ong, Divisional Vice President Alternative Markets Division, jong {at} gaic(.)com, Mike Wood, mwood {at} gaic(.)com or Sarah Comerford, scomerford {at} 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’s largest insurance companies, corporate benefit providers and a wide spectrum of financial institutions. More than 12 million households are enrolled in its comprehensive identity management programs. For more information visit www.identitytheft911.com.

About Great American

Great American Insurance Group’s roots go back to 1872 with the founding of its flagship company, Great American Insurance Company. Based in Cincinnati, Ohio, the operations of Great American Insurance Group are engaged primarily in property and casualty insurance, focusing on specialty commercial products for businesses, and in the sale of traditional fixed, indexed and variable annuities and a variety of supplemental insurance products. Great American Insurance Company has received an “A” (Excellent) or higher rating from the A.M. Best Company for over 100 years (most recent rating evaluation effective on December 17, 2007.) The members of the Great American Insurance Group are subsidiaries of American Financial Group, Inc. (AFG) also based in Cincinnati, Ohio.

Contacts

Great American Insurance Group
Jeremy Ong, 425-653-5222
Divisional Vice President
Alternative Markets Division
jong {at} gaic(.)com
or
Visit:
www.GreatAmericanCaptive.com
www.GreatAmericanInsurance.com
www.AFGinc.com