St. Louis, MO, October 15, 2015 --(PR.com
)-- POWERS Insurance and Benefits, one of the largest family owned and operated independent insurance agencies in the bi-state region, recently announced the addition of its new cyber liability program.
POWERS’ cyber liability program protects clients if their personal, employee or customer information is stolen. The new insurance coverage is designed to safeguard businesses and organizations from liability claims involving the unauthorized release of information. These invasions of privacy can occur with electronic hacking or online activities and cover a variety of formats including paper and digital communication.
According to MacAfee’s 2014 report, cybercrime costs the global economy $445 billion dollars per year. Criminals can harvest personal information via phishing by email and through email attachments, website downloads, fraudulent scams and computer hacking.
POWERS’ cyber liability program is more comprehensive in coverage and easier to access than the typical cyber policies available from traditional sources. Traditional sources involve lengthy applications with highly technical questions, but POWERS’ program only has five questions to determine eligibility. This specific type of comprehensive insurance is not covered under general business insurance policies and should be deemed a necessity for businesses of all sizes. According to The Symantec 2014 Internet Security Threat Report, small businesses account for 30% of targeted spear-phishing attacks in 2013. In 2012, Verizon reported that approximately 40% of all data breaches that year occurred among companies with fewer than 100 employees.
“Cyber coverage is a necessity in today’s marketplace,” said POWERS Insurance and Benefits’ president JD Powers. “With the introduction of our newest program, we feel better prepared to protect our clients from having their private data and communications illegally hacked.”
POWERS Insurance and Benefits provides personal and business insurance, surety, risk management and employee benefits. Founded in 1991, the company is headquartered at 7745 Carondelet Ave. in Clayton, Mo. For more information, call (314) 725-1414.