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Embroker Launches New Standalone, Digital-First Cyber and Crime Business Insurance ProductsEmbroker, the digital platform making it radically simple to get business insurance, today announced the availability of two new standalone digital insurance products: Cyber Insurance and Commercial Crime Insurance. Embroker insurance products, built digitally from the ground up, are designed for privately held small to medium sized businesses that are being underserved by legacy commercial insurance carriers. Because of the recent rash of ransomware attacks, businesses of all sizes are more concerned than ever about the risks of cyberattacks on their business. Yet a sizable portion of small business owners think they are less at risk for such attacks. According to a forthcoming study conducted by Embroker, 63 percent of small business owners believe they are unlikely to face a ransomware attack. The same study showed that only 28 percent of these business owners have coverage for cyber crimes. But these companies are at risk: according to the U.S. Department of Homeland Security, 50 to 70 percent of ransomware attacks are aimed at small and medium-sized companies. The study also looked at technology startups and revealed that founders are more aware of the risk of cyber crimes that exist today, yet still lack sufficient coverage. 58 percent of founders believe they are likely to be targeted by a cyberattack, but only 34 percent of these companies have cyber insurance coverage. Embroker's new Cyber Insurance product covers both first and third-party financial losses resulting from data breaches and other cyber crimes that may compromise sensitive company and customer information. The new digital product includes many protections, including the following:
Embroker's new commercial crime product includes the following protections:
"As digital transformation creates an even larger footprint of vital data, applications and operations for companies, and as remote workforces decentralize companies' network infrastructures, businesses are experiencing new and continually increasing risks," said Matt Miller (News - Alert), Embroker CEO. "Further exacerbating the situation is the rise of ransomware attacks. This is why it is critical for Embroker to provide new insurance products that deliver strong coverage for cyber and other crimes." Embroker recently hired Steve Prymas as its new Chief Insurance Officer. Prymas brings over 20 years of experience to the company, having served as Vice President, Specialty Lines Manager, and most recently, Global Chief Underwriting Officer of Cyber for Gen Re. Previously he served at The Hartford for 17 years, with increasing responsibility ultimately culminating in his position as Vice President, Head of Hartford Financial Products. "Cyberattacks and commercial crime are not targeted to just the deep pockets of large companies. Small and medium-sized businesses are at great risk as well," said Steve Prymas, chief insurance officer at Embroker. "And these businesses are more likely to suffer a bigger blow from these attacks. An estimated 60 percent of small businesses fail within six months of an attack, and another 80 percent are subject to repeat attacks. Now more than ever, it is crucial for small businesses to transfer the financial risk associated with these crimes and not only maintain business continuity, but protect the livelihood of their company." For more information about Embroker's new cyber and crime insurance products, please visit https://www.embroker.com/coverage/cyber-insurance/ or https://www.embroker.com/coverage/commercial-crime-insurance/. About Embroker Embroker is transforming commercial insurance by making it radically simple for businesses to get the right insurance at the best price. Embroker focuses on industry-specific coverage for the most complex and inefficient lines of insurance, such as Directors and Officers, Employment Practices Liability, Cyber, and Professional Liability. Embroker uses predictive modeling powered by proprietary technology to fully automate underwriting and make the buying process simple, fast, and more affordable. Through Embroker Access, Embroker provides partner agencies and wholesalers with the capability to offer all of Embroker's industry-leading insurance products to their customers. Founded in 2015, Embroker is headquartered in San Francisco and has raised more than $140M in funding from leading Fintech and Insurtech investors.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210914005329/en/ |