TIAC’s Underwriting Manager Offers Cyber/Privacy Risk Insurance for Title Professionals
March 27, 2014
Responding to the alarming increase in the frequency and severity of cyber breaches, viruses, hacks and numerous other cyber threats, the Title Industry Assurance Company’s (TIAC) underwriting manager, Capital Professional Insurance Managers (CPIM), recently introduced a special cyber/privacy risk insurance program for title professionals.
There are a significant number of federal laws impacting the protection of personal information. In addition to federal requirements, 46 states and Washington, D.C., all have enacted privacy laws that require notification of potential and actual breaches of personally identifiable information/non-public personal information (NPI). The financial impact of a data breach on a business can grow exponentially with the cost of mandatory notification, credit monitoring, and other compliance requirements of these laws. And businesses of all types and sizes are vulnerable.
Title insurance and escrow agencies have additional unique cyber/privacy exposures and should strongly consider purchasing cyber/privacy risk insurance to protect their businesses and assets. While the cost is not high, the consequences of being without this protection can be devastating.
Premiums and coverage vary across the insurance marketplace, however, CPIM is able to shop the marketplace and provide title professionals with the best options.
For more information and a premium estimate, contact CPIM at 800-233-5901, by email at firstname.lastname@example.org or by visiting www.cpim.com/cyber.
ALTA’s “Title Insurance and Settlement Company Best Practices” highlight policies and procedures title and settlement agents should implement to protect NPI.