American Agricultural Insurance Company (AAIC) announced the launch of a new turnkey cyber insurance product, Cyber Coverage, available exclusively for adoption by Farm Bureau® insurance companies.
Cyber Coverage is designed specifically for small business owners and farmers/ranchers and aimed at helping policyholders mitigate the risk of common types of cyber incidents.
Tim Smith, Senior Vice President of Operations at AAIC, explained that while cyber incidents at large corporations may make the headlines, small businesses – including farms and ranches – also have significant cyber exposure.
“Businesses of all sizes use connected devices, make and accept electronic payments, and collect and store important information about their employees and customers,” he said. “These practices increase the speed and reach of commerce, but they also put businesses at risk for cybercrime and other cyber incidents.”
AAIC has committed to providing training, marketing collateral, filing support, reinsurance, policy forms, silent cyber analysis, underwriting guidelines, and primary pricing to the Farm Bureau® insurance companies that offer this cyber product. Integrated support services for policyholders will be provided by CyberScout®.
“CyberScout is 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,” said Matt Cullina, chief executive officer of CyberScout. “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.”
Cyber Coverage is the latest specialty product offering from AAIC, which was incorporated in 1948 with the express purpose of helping Farm Bureau® insurance companies through cycles of profit and loss.
“At AAIC, we pride ourselves on our service and support for the Farm Bureau® insurance companies,” said Janet Katz, Executive Vice President and CEO of AAIC. “With our new Cyber Coverage product, our goal is to provide additional value by helping them meet their policyholders’ needs.”