SaleSynergy and Royal Group Service have partnered to offer merchants a high impact security breach insurance policy.
Highlights of the policy include the following:
1) $50,000 coverage per breach incident per Merchant ID
2) For merchants with multiple Merchant ID's, $500,000 cap per incident
3) Protects merchants from losses in three ways. These include expenses resulting from actual or suspected data breaches (as long as the business owner is not involved in the breach) for the following: (a) forensic audit when a data breach is suspected; (b) card replacement costs; and (c) assessments and fines levied by Visa, MasterCard, American Express, Discover and JCB for data breaches.
4) Merchant does not have to be PCI DSS compliant certified to participate, although fines specific to non-compliance are not covered by this policy.
5) The program is offered regardless of credit card processor or sponsoring bank. Merchants that have previously been breached are not eligible for this program unless they have been PCI certified by a Security Standard Council approved third party forensic investigator.
The program will commence on January 1, 2010. If you have your merchant number you will be able to print your evidence of insurance form from the SaleSynergy/Royal Group Services web page:
www.royalgroupservices.com/salesynergy
Cyber penetration is at its all time high and now is the time to protect your business.