As Cyber Risks Rise, Travelers Adds CyberFirst Essentials - Small Business to Its Lineup of Cyber Protection

Mon Jan 21, 2013 8:20am EST

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New coverage offers small businesses insurance for common information breaches
HARTFORD, Conn.--(Business Wire)--
Small businesses may not think they are at risk for cybercrime, but almost 72
percent of the 855 data breaches worldwide analyzed by Verizon`s forensic
analysis unit were at companies with 100 employees or less.1 However, a
questionnaire by Travelers found that only 29 percent of small business owners
surveyed were very confident that they had adequate coverage to protect their
business against cyber liability.2 To help small businesses protect against this
rapidly growing risk and to meet the need for expanded coverage, Travelers is
introducing CyberFirst Essentials - Small Business. 

"This new coverage targeted exclusively to small businesses extends Travelers`
cyber insurance expertise to a critical driver of the economy. Small businesses
may have exposures to sensitive information that can be compromised," said Marc
Schmittlein, Executive Vice President, Small Commercial. "Cyber threats are on
the rise and our customers rely on Travelers for products that provide them with
the depth of protection they need." 

CyberFirst Essentials - Small Business offers insurance coverage to protect
against some of the most common information security breaches including:

* Online hacking and data theft of confidential information such as credit card
number, Social Security number, medical data, etc. 
* Accidental loss or sharing of personally-identifiable information regardless
of whether that information was from electronic data or from physical paper
records.

CyberFirst Essentials - Small Business is part of a Travelers MasterPac business
owners policy and can include coverage for the costs associated with breach
disclosure, credit monitoring services, resulting litigation and more, starting
at $120 with flexible limits ranging from $25,000 to $250,000. This coverage is
available through Travelers` network of independent insurance agents. 

Travelers has provided cyber-related coverages for more than 15 years and
understands the importance of assisting companies and organizations to work
through an incident, from coping with the breach to expenses associated with
potential lawsuits. In addition to this new coverage for small businesses,
Travelers offers cyber coverage tailored to meet the needs of its medium- and
large-sized business customers including CyberFirst for technology and public
entity customers and CyberRisk, offered as a stand alone or through management
liability coverage packages for public and private companies, nonprofit
organizations and financial institutions. 

About Travelers
The Travelers Companies, Inc. (NYSE: TRV) is a leading provider of property
casualty insurance for auto, home and business. The company`s diverse business
lines offer its global customers a wide range of coverage sold primarily through
independent agents and brokers. A component of the Dow Jones Industrial Average,
Travelers has more than 30,000 employees and operations in the United States and
selected international markets. The company generated revenues of approximately
$25 billion in 2011. For more information, visit www.travelers.com.

1 Verizon 
        2012 Data Breach Investigation Report 2 The questionnaire was conducted
on-site at the U.S. Chamber of 
        Commerce’s annual America’s Small Business Summit held in Washington, 
        D.C., from May 21-23, 2012, and is intended to represent the 
        sentiments of approximately 300 small business owner attendees who 
        participated in an in-person interview over three days

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Travelers
Media Contact:
Matt Bordonaro, 860-277-7014 

Copyright Business Wire 2013