AAIC launches cyber insurance for farmers, ranchers and SMEs
The American Agricultural Insurance Company (AAIC) has launched a cyber insurance product to protect small business owners and farmers/ranchers from the growing risks they face.
Like larger business, Small and medium enterprises (SMEs) like farmers and ranchers have “significant” exposure to cyber crime through the use of connected devices that make and accept electronic payments and collect and store information about employees and customers.
“These practices increase the speed and reach of commerce, but they also put businesses at risk for cybercrime and other cyber incidents,” said Tim Smith, AAIC senior vice president of operations.
‘Cyber Coverage’ is the latest specialty product from AAIC and will be supported with training, marketing material, filing support, reinsurance, policy forms, silent cyber analysis, underwriting guidelines, and primary pricing to the Farm Bureau insurance companies that offer this cyber product. In addition, integrated support services for policyholders will be provided by CyberScout.
Matt Cullina, chief executive officer of CyberScout, said the company was “proud to partner with AAIC to deliver cyber insurance services to small business owners, including farmers and ranchers, at a time when it is needed more than ever”.
He added: “More small businesses are becoming victims of cyber attacks, and the
consequences can be devastating. Our services are designed to help businesses reduce exposures and recover fast.”
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