New "Guaranteed Issue" Cyber Insurance component adds to the robust SmartIDentity for Business solution by reimbursing businesses for the potentially devastating costs associated with a cyber security attack
Phoenix, AZ (PRWEB) October 14, 2015
Merchants Information Solutions, Inc. (Merchants), and Infinity Insurance Partners today announced – in conjunction with National Cyber Security Awareness Month – the combination of a guaranteed cyber liability insurance policy with Merchants fully compliant SMB breach planning and response solution SmartIDentity for Business (SID4B).
Since most SMBs do not have a formal information security and governance plan, Merchants identified a need to support the SMB marketplace where most small businesses have limited resources and unidentified gaps in information security.
SmartIDentity for Business (SID4B) is the first small business data breach response solution to bundle a guaranteed issue cyber insurance component. SID4B will respond to cybercriminals and hacking attacks as well as the insider threat including employees and vendors – whether the data breach event takes place with malicious intent or via an accidental release of information.
“SmartIDentity for Business is a comprehensive, yet affordable proactive and responsive data breach solution designed specifically for small-to-medium sized businesses,” said Jim Collard, VP of Operations for Merchants.
“As cyber, data breach and information security threats increase, Infinity Insurance Partners is excited to support and deliver the cyber liability insurance component of the SID4B solution,” stated Jessica R Loomis, President & CEO of Infinity Insurance Partners.
According to Loomis, “the cyber liability insurance policy is provided by a nationally recognized insurance carrier with an AM Best Financial Rating of A+ XV (see here) to assist the small business owner with the cost of a breach. The coverage does not require an application and includes a limit of $10,000 with a $1000 deductible.”
Mark Pribish, VP and ID Theft Practice Leader at Merchants said that “both the SmartIDentity for Business solution and the cyber insurance component responds to a data breach event and the loss of personally identifiable information (PII) by including the following:
- Personal Information of First Party
- Third Party Confidential Business Information
- Affected Victim Remediation
- Required Victim Credit Monitoring Fees
- Breach Victim Notification Fees
- Attorney’s Fees
“The Merchants Information Solutions and Infinity Insurance Partners partnership will help small business owners and executives conduct risk assessments, understand the threat landscape and support a formal incident response policy and plan including the added benefit of guaranteed cyber insurance," said Collard.
“Small Businesses need a proactive solution to help their business prepare for and in the worst case overcome the crime of the 21st century – an information security breach,” said Russ Johnson, President & CEO of Merchants. “While large organizations are rapidly increasing their information governance measures, there is a real void for cost-effective small business solutions to manage this new and emerging risk. We designed SmartIDentity for Business specifically to fill this need,” said Johnson.
“Businesses in the U.S. must navigate a gauntlet of state and federal laws and regulations concerning an information security breach and SmartIDentity for Business will help SMBs prepare for the worst, while keeping the business compliant with federal and state laws – including the 47 state breach notification of laws and regulations,” said Johnson.
About Merchants Information Solutions
Merchants Information Solutions, founded over a century ago, is a pioneer in affordable consumer and business Identity Theft solutions. Through its industry-leading SmartIDentity and SmartIDentity for Business line of products Merchants protects the identities of over 10 million consumers and businesses each day. Merchants is one of less than 5% of all Identity Theft solution providers to offer full-managed recovery, the gold standard in identity restoration. Merchants also has a full line of pre-employment screening products including being the exclusive provider of the Merchants Integrity Test, which is guaranteed to reduce workers compensation loss rates through its unrivaled money back guarantee program.
About Infinity Insurance Partners
Infinity Insurance Partners is a Boutique Brokerage in Phoenix, Arizona that caters to the insurance needs of every business. Infinity Insurance Partners provides clients with a team approach and brings more than 45 combined years of insurance experience to its clients. Infinity Insurance evaluates current policies and exposures to identify gaps in coverage and to determine the best possible coverage for the client.
Educating clients on the “Overall Cost of Risk” is a main focus where Infinity will provide policy reviews, claims and deductible analysis. These analysis include cost effective solutions to the exposure/needs that are identified in this in depth overview of the client’s insurance program. http://www.infinityinsurancepartners.com/
For the original version on PRWeb visit: http://www.prweb.com/releases/2015/10/prweb13018238.htm