Apply for Supplemental Cyber Coverage
CPAs are not immune to privacy data breaches
When the nightly news reports privacy data breaches at major companies, you may be tempted to think, ‘Thank goodness CPAs are not at risk.’ Nothing could be further from the truth.
As a CPA, your clients trust you with their most confidential information. For a cybercriminal, getting their hands on your clients’ tax returns, Social Security numbers, employer ID numbers, financial statements, and other sensitive data is extremely valuable.
Criminal activity, including hacker infiltration and stolen electronic devices, is the most common cause of a data breach (47%). Employee negligence (25%) and system glitches (28%) account for the rest.1
CPA NetProtect® provides two important coverage extensions
The AICPA Professional Liability Insurance Program includes cyber liability that claims for damage to clients' computer networks or the theft of clients’ confidential information that occurred in the rendering of professional services.
When you add the CPA NetProtect® endorsement to your policy, you receive two significant coverage extensions to help further address the fallout from a network security event or a including coverage for third-party claims and expenses associated with the fallout from a data breach.
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1. Privacy Event Expense Coverage
This available coverage extension helps pay up-front for reasonable and necessary expenses associated with a data breach, including:
- Notification costs to inform affected individuals or entities
- Credit monitoring for affected clients and their employees
- Public relations to help minimize harm to your reputation
- Legal expenses to negotiate with regulators to comply with privacy laws
- Forensic services to identify the cause of the breach and individuals affected
2. Network Damage Claim Coverage
This available coverage extension adds coverage for claims brought by third parties, such as merchants, contractors, service providers, and others, whose computer networks and information may have been damaged by a wrongful act that resulted in a security breach of the firm's network. Coverage is provided for wrongful acts by owners, partners and employees of the firm, as well as by 'rogue employees.'
Risk Control Program
In addition to these coverage enhancements, CPA NetProtect® also provides an extensive risk control program, including the School of Risk Control Education, client advisories, risk control primers, a claim hotline and breach response services.
For rates, coverage limits and to initiate coverage,
please contact Aon Insurance Services at 800-221-3023.
Cyber Center Resources