Cyber insurance

[cpabsd]

I'm a CPA and am looking at options for cyber insurance.  Recommendations?  

I am a one woman practitioner so not a large company.  Also, any ideas on what reasonable coverage and cost should be?  

Thanks,

Bonnie

[Medlin Software, Dennis]

Mine is packaged with my business and E&O insurance. I prefer an all in one, not piecemeal. IIRC, and maybe I don't, the CI was an add on to the business insurance.

[BrewOne]

A few years back, a CPA (whose system was hacked) said at an IRS forum he had $100,000 worth of coverage and ended up with over $300,000 in costs.  If you do partnerships and corps, there is a multiplier effect from every SSN in your system.  So I'd say ballpark $500k in coverage, more or less depending on your practice.  And ask if coverage includes them coming in and de-bugging your system.

[Lee B]

Yes, mine is an add on to my General Business Liability package

[Margaret CPA in OH]

As a CPA you can join AICPA and obtain insurance through it.  I just renewed mine for the umpteenth year and have again added the cyber insurance for $190.  It is for $100,000 but I think I need to revisit that in light of BrewOne's note.  It does say for each 'claim' but I  need to better understand the details.  Definitions can be tricky.

[Lion EA]

I added a Cyber insurance rider to my E&O policy via NAEA's group plan. Look at group plans from your professional organizations to save on premiums and for plans designed for our industry.

[Medlin Software, Dennis]

The coverage is usually thought of as providing for and paying for defense, with remainder for settlement (often credit monitoring) and cash payout (if needed). In my case, I don’t have or keep anything of risk, but I have the coverage mainly for defending claims (anyone can file anything!).

[BulldogTom]

I was doing a Spidell update seminar yesterday and the presenter said that one of his friends got hit by a cyber attack.   He went to his carrier to file the claim and the first question the carrier asked was for his WISP.   He did not have one and the claim was denied.   This is second hand, but Spidell is pretty reliable source.   Just something to think of...

Tom
Longview, TX

[Catherine]

1 hour ago, BulldogTom said:

I was doing a Spidell update seminar yesterday and the presenter said that one of his friends got hit by a cyber attack.   He went to his carrier to file the claim and the first question the carrier asked was for his WISP.   He did not have one and the claim was denied.   This is second hand, but Spidell is pretty reliable source.   Just something to think of...

Tom
Longview, TX

I still recommend Ben Roberts very highly, to everyone here at the ATX Community Forum. He got me an excellent WISP in short order. 

Ben Roberts, [email protected] - tell him I sent you 

send me a PM for his phone number.

[Medlin Software, Dennis]

1 hour ago, BulldogTom said:

I was doing a Spidell update seminar yesterday and the presenter said that one of his friends got hit by a cyber attack.   He went to his carrier to file the claim and the first question the carrier asked was for his WISP.   He did not have one and the claim was denied.   This is second hand, but Spidell is pretty reliable source.   Just something to think of...

Tom
Longview, TX

Interesting. They must write in a specific exclusion for not having a valid WISP. Similar to how an auto policy may have an exclusion for speed contests.  Should still cover failing to do what the WISP says, such as via human error.