SafeEnterprise, a cyber insurtech supported by Lloyds of London, is introducing its latest product tailored for the automotive dealership sector.
This new offering, SafeEnterprise Dealers, is specifically crafted to combat cybercrime and comply with the latest regulatory changes in the US.
It provides a streamlined and easy-to-understand method for integrating cyber insurance into a policyholder’s existing Property & Casualty (P&C) insurance at the time of renewal.
In June 2023, significant modifications were made to the Federal Trade Commission (FTC) Safeguards Rule. This established regulation, which aims to safeguard consumer information, underwent “complex amendments” to enhance its effectiveness.
These revisions mandate specific cybersecurity procedures and technical measures for auto dealerships, ensuring the protection of sensitive customer data. Non-compliance with these updated standards could result in substantial financial penalties.
SafeEnterprise Dealers presents an all-encompassing cyber insurance package tailored to adapt to the changing regulatory environment.
This specially designed program offers both first and third party cyber insurance coverage, utilizing a unique insurance coverage form that addresses the distinct cyber risks faced by vehicle dealerships (see about Global Insurance Market Dynamics).
This includes dealers of new and used cars, RVs, motorcycles, boats, and other vehicles, as well as car rental and leasing services, repair service centers, and retail parts stores.
The cyber insurance policy offers coverage limits of up to $5 million for qualified insureds with annual revenues not exceeding $500 million.
Additionally, policyholders who adhere to the FTC Safeguards rule benefit from streamlined underwriting processes and pre-arranged rates through a designated broker.
Policyholders facing challenges in their cybersecurity measures or aiming to enhance their cyber hygiene can utilize the Shield Up platform.
This complimentary cyber risk assessment and remediation tool, powered by Havoc Shield, is tailored specifically for small-to-medium-sized enterprises. It assists in both understanding and addressing cyber risks effectively.
SafeEnterprise operates as a Managing General Agent (MGA) specializing in cyber insurance products within the United States.
Insurtech’s focus is on developing and offering cyber insurance solutions that are tailored to address the unique risks faced by different industries.
The SafeEnterprise Dealers product is accessible on a surplus-lines basis across all 50 states and Washington D.C.
by Peter Sonner