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Thursday, August 20, 2015 8:49 PM
Hawaii's DTRIC Insurance Co. Adds Cyber Risk Insurance To Its Offerings
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| Hawaii's DTRIC Insurance Co. Adds Cyber Risk Insurance To Its Offerings |
| Thursday, August 20, 2015 |
DTRIC Insurance Co., Ltd, has added cyber security to its repertoire.
The insurance company launched Cyber One on Friday, to insure customers against losses due to Internet fraud, hacking, identity theft, and data breaches.
Danielle Finn, vice president of commercial lines for DTRIC, says the company is the first local Hawaii carrier to offer online security insurance.
“While there were lots of different [Mainland] cyber liability programs out in the marketplace, they were very expensive and they had to purchase high limits,” she said. “We wanted to bring something together for the small to medium business owner in Hawaii that would provide them a decent amount of coverage.”
DTRIC offers basic data compromise coverage for $128 a year, which will cover up to $50,000, including customer notification, forensic analysis to determine the breach’s cause, and legal review and consultation.
Cyber liability coverage, $330 a year, covers up to $100,000 to cover representation by a legal third party in case of a lawsuit.
Hawaii is one of 47 states across the nation that requires businesses to notify individuals if a data breach occurs.
“We’ve had a lot of interest before we launched,” Finn said, noting that 70 percent of DTRIC’s business is in commercial insurance. “I think we're anticipating an 80 percent take-up rate.”
The reported cyber crime loss in Hawaii during 2014 reached $2.5 million, according to DTRIC. The primary causes are employee or contractor mistakes, lost or stolen items, followed by procedural mistakes.
Data breaches increased by nearly 30 percent across the nation between 2013 and 2014. |
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