Safety National announced its entrance into the cyber risk insurance marketplace today with a portfolio of coverage designed to help companies address global network security and privacy breach incidents.
Safety National’s cyber risk insurance assists clients in effective incident response and protects the balance sheet from cyber security risks. Coverage options range from liability, business interruption, reputational harm, regulatory defense, penalties, data restoration and extortion. Policyholders will also gain access to a proven network of expert vendors to assist with cyber risk preparedness and breach response.
“Cyber crime has evolved into one of the top threats to an organization’s reputation, cash flow and balance sheet,” said Mark Wilhelm, CEO of Safety National. “As a market leader, we knew we had to develop an industry-leading product and align it with our proven commitment to our insureds and broker partners.”
Spencer Timmel, CIPP/US, CIPM, National Director of Cyber and Technology Insurance, joined Safety National in March 2017 to lead the company’s emergence as a provider of cyber liability and other related coverages. With nearly 20 years in the industry and a decade of cyber-related experience, Timmel brings an extensive background to Safety National.
“We are extremely proud of our new cyber risk insurance offerings,” said Timmel. “Our product and strategy is designed to equip companies with the proper tools to mitigate their cyber security risks and address cyber security incidents. This is paired with Safety National’s relationship-based approach to business and superior customer service that our insureds and broker partners have come to trust over the last 75 years. We are committed to this line of business and our policyholders for the long term.”
More details about Safety National’s cyber risk insurance offerings can be found at www.safetynational.com.