[November 20, 2014]

Nationwide Launches Cyber Coverages to Help Protect Small Business Owners

Sophisticated cyber criminals are making headlines everyday, committing data breaches against American companies both big and small. To help small business owners protect their operations, Nationwide has joined forces with Hartford Steam Boiler (HSB) to offer market-leading cyber insurance coverages for small business owners. The comprehensive services and coverages help small businesses respond to a data breach, computer attack or identity theft and get their business, personal identity, and overall reputation back on track.

"Small business owners face big risks, with 55 percent of small businesses in the U.S. experiencing a data breach and 53 percent experiencing multiple data breaches¹," said Tony Fenton, Nationwide commercial lines associate vice president. "When a criminal cyber attack occurs, it's not just the business at risk, but customers, too. Our goal is to provide the coverage, services and peace of mind small business owners and their customers deserve."

Nationwide's cyber liability product offers three key benefits for small business owners, including:

Business restoration and liability protection
In 2012, 29 percent of U.S. small businesses had a cyber attack, and 72 percent were not fully able to restore their company's computer data¹. To defend against these attacks, Nationwide is offering CyberOne coverage, which helps to both restore businesses in the event of a loss and protect against lawsuits. CyberOne protects businesses against damage to electronic data and computer systems from a virus or other computer attacks. The coverage protects a business's liability to third parties that may have suffered damage due to security weaknesses in the business's computer system.

Recovery service and protection
When a breach occurs a company's reputation with its customers is on the line. A quick and effective response can make all the difference. Nationwide's Data Compromise coverage is designed to help businesses notify and assist their clients and others following a breach of personal identifying information. The plan provides coverage for specialized services such as credit monitoring and identity restoration. It also provides defense and liability coverage to respond to third party actions brought against the insured by individuals affected by the breach. Plans offer coverage limits of up to $1 million.

Identity Recovery
Identity Recovery combines identity theft insurance with a high-end service component. Nationwide's coverage includes personalized service from a team of experts dedicated to help restore identities to pre-theft status. Coverage and service are provided for key owners, employees and resident family members of key owners and employees. Identity Recovery coverage is automatically included when Data Compromise coverage is purchased or can be purchased separately.

In addition to these benefits, Nationwide will provide policyholders access to several risk management tools including a toll-free identity recovery and data breach help line as well as a cyber/data breach risk management web portal. The help line will be manned by experienced professionals who can answer questions and provide useful information and resources to identity theft victims as well as to businesses regarding breach preparedness, help in identifying a breach, or other questions pertaining to breach-related best practices.

The risk management web portal will help customers understand their data information exposures, help businesses plan and be prepared for a cyber attack or data breach, and establish a response plan to manage the costs and minimize the effects of a data breach.

"Our goal is to make protection and recovery as easy as possible for small businesses," added Fenton. "Our tools work to help customers understand their data information exposures, plan and to be prepared should they experience a cyber attack or data breach."

For more information on cyber coverage contact a Nationwide agent or go to www.nationwide.com

About Nationwide

Nationwide, a Fortune 100 company based in Columbus, Ohio, is one of the largest and strongest diversified insurance and financial services organizations in the U.S. and is rated A+ by both A.M. Best and Standard & Poor's. The company provides a full range of insurance and financial services, including auto, commercial, homeowners and life insurance; public and private sector retirement plans, annuities and mutual funds; banking and mortgages; specialty health; pet, motorcycle, boat and farm insurance. For more information, visit www.nationwide.com.

Nationwide, Nationwide is on your side, Join the Nation and the Nationwide N and Eagle are service marks of Nationwide Mutual Insurance Company.

[1] Ponemon Institute (News - Alert) Poll for The Hartford Steam Boiler Inspection and Insurance Company (HSB), March 2013

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