istock-488221194-matejmo-4
iStock/matejmo
20 February 2019Insurance

AAIC launches cyber insurance for farmers, ranchers and SMEs

The American Agricultural Insurance Company (AAIC) has launched a cyber insurance product to protect small business owners and farmers/ranchers from the growing risks they face.

Like larger business, Small and medium enterprises (SMEs) like farmers and ranchers have “significant” exposure to cyber crime through the use of connected devices that make and accept electronic payments and collect and store information about employees and customers.

“These practices increase the speed and reach of commerce, but they also put businesses at risk for cybercrime and other cyber incidents,” said Tim Smith, AAIC senior vice president of operations.

‘Cyber Coverage’ is the latest specialty product from AAIC and will be supported with training, marketing material, filing support, reinsurance, policy forms, silent cyber analysis, underwriting guidelines, and primary pricing to the Farm Bureau insurance companies that offer this cyber product. In addition, integrated support services for policyholders will be provided by CyberScout.

Matt Cullina, chief executive officer of CyberScout, said the company was “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”.

He added: “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.”

Get all the latest re/insurance industry news with our daily newsletter -  sign up here.

More of today's news

A tough year fails to stymie ‘robust growth’ for SCOR

German insurer Allianz doubles digital investment fund to €1bn

New CEO takes helm at SCOR Global P&C as Peignet retires for personal reasons

Asia CEO and managing director depart AM Best amid cost-cutting drive

Markerstudy’s Gary Humphreys joins MGAA board

Download our whitepaper: 'Why Automation & AI Matters For Commercial Lines'

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
14 October 2020   Re/insurance reaches a tipping point after years of pressure for rates rises, says Katz.
Insurance
10 September 2019   American Agricultural Insurance Company (AAIC) has been authorised to reinsure risks based in Argentina and Colombia through the broker marketplace.