Cyber Liability/Data Breach

Only 35 percent of companies invest in cyber-liability insurance, even though studies show that more than 72 percent of data breaches occur in small-to-medium-sized businesses. Failure to notify the affected individuals “without unreasonable delay” could cost your agency up to $1.5 million in fines from the federal government. Add this to the $200,000 average cost to comply with notification laws, the legal liability, and the reputational harm caused by the breach, and you can quickly see how this exposure could devastate your agency.

FAIA Member Services has partnered with Arlington/Roe & Co., Inc., to offer FAIA members an exclusive program to help protect their agencies from information security breaches. This holistic risk management program helps train staff on privacy compliance in addition to handling data breach notification and third party suits.

Coverage Benefits

  • FAIA members pre-qualified for enrollment*
  • Up to 50% off premium
  • No encryption requirement
  • Online compliance materials and support
  • Step-by-step procedures for compliance
  • Staff training programs and newsletters
  • Data breach coach to help with notification
  • Forensic investigator, public relations expertise, and privacy counsel.
  • Credit monitoring and credit restoration services
  • Notification costs outside limit of liability
  • Security and privacy liability

Florida Data Breach Program Pricing

The program is available at the following levels. Select the level that applies for pricing options and for an explanation of insuring agreements:

Companies with revenues less than $1 million
Companies with revenues from $1–2 million
Companies with revenues from $2–3 million
Companies with revenues from $3–4 million
Companies with revenues from $4–$5 million

To bind coverage…

After you’ve determined your company’s revenue range, option number, and premium, complete the application, addendum, and surplus lines disclosure affidavit and submit all items to Fred Phelps via email or via postal mail to:

FAIA Member Services
PO Box 16579
Tallahassee, FL 32317
Attn: Fred Phelps

*Some restrictions apply. Agencies over $5 million in revenue, over 50% benefits or with prior losses need to be underwritten.