Camico is offering insurance coverage to protect CPAs from losses caused by a variety of different “cyber risks.”
CyberCPA provides first-party coverage for expenses incurred by a firm due to damage, alteration, corruption, theft, misuse or destruction of electronic data, or a total or partial interruption, degradation in service, or failure of its computer network (including non-physical business interruption) because of administrative or operational mistakes by employees or third-party service providers or cyber attacks.
CyberCPA also provides coverage for expenses incurred in response to a privacy breach, cyber extortion, or cyber terrorism. The coverage is available with Camico Mutual Insurance Company’s professional liability insurance policy.
Among the services included with the coverage are legal counsel, IT security and forensic expertise, breach notification to clients, public relations/advertising support for reputational protection, credit monitoring, and identity theft education and assistance.
Cyber and data security risk management advice, tools, articles and resources are also offered to help firms address the risks and regulatory requirements they face. The tools and resources are intended to help prevent incidents and better prepare firms in the event an incident does occur.
“Many CPA firms need specialized coverage, services and resources for cyber security and privacy breach exposures,” said Camico CEO Ric Rosario in a statement. “CyberCPA stays closely in step with the needs of CPAs by further enhancing the way we address and manage those exposures.”
More information on CyberCPA can be found by clicking here. CyberCPA is available in all states where Camico does business and will be available in Illinois, New Hampshire, North Dakota, South Carolina, and Virginia on Nov. 1, 2015, and in Connecticut and Washington on Dec. 1, 2015.