Cyber attacks are an increasing threat, causing financial loss to people whose personal information has been stolen and, at the same time, to those who are the custodians of personal information that has been stolen.
Tax practitioners are particularly vulnerable to hack attacks because of the sensitive data they store and transmit. Failure to protect that data can make the enrolled agent liable for losses suffered by the persons whose data is lost as well as protecting them from possible future loss.
Enrolled agents can also suffer a direct cyber loss from common hack attacks, like Ransomware or Funds Transfer Fraud. These two types of attacks are extremely common and can be devastating from a cost perspective.
NAEA members can protect themselves against financial loss caused by a cyber attack with Cyber Insurance offered by The Arrow Group in association with Evolve, a cyber insurance specialty market, underwritten on behalf of Lloyds of London. This industry leading Cyber Insurance policy comes at a significant discount for all NAEA members.
The policy provides coverage for your liability to others, direct loss to your systems, data or income, and loss by crime. The industry leading coverage includes:
- 3rd Party Liability Coverage for Lost or Stolen Information
- Forensic, Data Breach Attorney, & PR Costs
- Bustiness Interruption, Data Restoration, & Reputational Harm Coverage
- $0 Deductible to Consult a Data Breach Expert for Advice
- No Retroactive Date
- No aggregate limit on Cyber Incident Response Costs, Cyber Crime Losses, or System Damage and Business Interruption Losses.
NAEA members who purchase the insurance will also receive $5,000 of risk management services through Evolve’s special arrangement with CFC Underwriting.