The policy helps business owners mitigate the potential financial impact of data breaches, hackers, ransomware, and online banking fraud by assisting with costs involved in the response and recovery after an attack, up to specified policy limits.
Moreover, subscribers get coverage for privacy regulation liability β to help offset potential fines or penalties from state and federal agencies if itβs determined that a business failed to adequately protect personally identifiable information (PII) and forensic investigation β to identify the source of a cyberattack and where existing security systems may have failed.
The cyber insurance is available through Paychex Insurance Agency. The AXIS policy is administered through risk purchasing group North American Data Security RPG.
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