NAS Insurance Announces New, Expanded Cyber Liability Insurance Policy


NAS Insurance Services, LLC today announces the release of their most expansive commercial cyber liability insurance policy update ever.


“Our brokers and policyholders demand the most comprehensive cyber insurance solutions,” said Michael Palotay, Chief Underwriting Officer at NAS. “And our cyber coverage has evolved to encompass more than just an insurance offering. Our new NetGuard™ Plus now includes state-of-the-art support services designed to help companies evaluate, prepare, and protect themselves from ever-evolving cyber threats.”


The expanded components of the NAS cyber policy include coverage for:

• Outsourced IT system failures that may interrupt the policyholder’s business operations
• Expanded coverage for insured’s own system failure
• Direct bodily injury coverage without class restriction
• Post-breach costs to remedy a policyholder’s IT systems to prevent a potential future breach
• Expanded regulatory defense costs, including for TCPA (Telephone Consumer Protection Act) defense and the EU’s new GDPR legislation
• Financial losses due to reputation harm as a result of a cyber incident
• Zero deductible loss assistance for suspected breaches


“In addition to the broader coverage,” adds Natalie Kelly, Senior Vice President of Claims, “We now offer a host of discounted preventative services and continue to service our clients with our US-based in-house claims team that helps our policyholders get back to business quickly.”


NAS Insurance Services is a full-service specialty insurance underwriting manager that provides innovative product development, underwriting, marketing, risk management, and claims handling services for a broad range of specialty products that are distributed as both insurance and reinsurance solutions.


Learn more here.

April, 2018

Turning Cyber Awareness into Cyber Preparedness


It’s officially Cyber Security Awareness month, and while I’m not sure who is still out of the loop on all the cyber security threats lately (maybe that guy over there in the phone booth!), we thought it’d be the right time to remind folks that to be Cyber Strong means to be Cyber Ready!


Quick poll…do you think your organization is cyber ready? Do you have an incident response plan? (E.g., who does what when you find out all of your office desktop PCs are locked up with ransomware?)


Given recent hurricanes and earthquakes, the idea of preparedness in the event of a disaster makes good sense. Similarly, preparedness in the event of a cyber disaster should be on your to-do list this month too!


A few things for your checklist:

• Draft or revise a cyber incident response plan, including specifics of your response team (and when they’re out of office, too)
• Contact a vendor for a network security assessment (or update)
• Teach your team about email phishing scams and ransomware
• Write out your policy for how your organization handles wire transfers of funds to reduce the risk of fraudulent requests
• Convene a meeting of your cyber response team to run scenarios or review roles and responsibilities


As the leaves turn from summer green to the beautiful hues of Autumn, let’s turn Cyber Security Awareness Month into Cyber Security Preparedness Month.


Cyber Ready. Cyber Smart. Cyber Strong.

October, 2017

No One Does Cyber Like NAS


For over 40 years, NAS has lead the industry with innovative products like NetGuard® Plus, Personal CyberPlus and NAS CyberNet® Risk Management.


But what does Cyber Strong really mean?


Check out this infographic below to see NAS by the numbers and share it with your colleagues and clients.


August, 2017

NAS Insurance Opens New York Office to Service Expanding Cyber Insurance Market


NAS Insurance today announced its expansion to New York City with the addition of Peter Hedberg as the Assistant Vice President of its Tech and Cyber Underwriting division. Hedberg’s arrival marks the growth of NAS Insurance into its 5th major metropolitan area, including headquarters in Los Angeles, and underwriting offices in Atlanta, Boston, Chicago and now New York.


“Peter is an industry veteran and the perfect addition to our rapidly growing team,” said Michael Palotay, Chief Underwriting Officer at NAS Insurance. “His expertise and leadership will be instrumental in serving our NY-area clients with innovative Tech and Cyber insurance solutions.”


In this new role, Hedberg will oversee the production of NAS’ Tech E&O and Cyber Liability business for the New York market. He will focus his efforts on managing NAS’ relationships with area producers and growing NAS’ presence in New York.


“I am so excited to join NAS’ fast-growing team,” remarked Hedberg. “Cyber is ever-changing and NAS has continually proven to be the innovation leader in the market.”


NAS Insurance is a full-service specialty insurance underwriting manager that provides innovative product development, underwriting, marketing, risk management, and claims handling services for a broad range of specialty products that are distributed as both insurance and reinsurance solutions.

June, 2017

NAS Cyber Digest Reveals Uptick in Ransomware


NAS has deep roots in cyber insurance, allowing us to quickly identify changing trends, as well as new and growing risks to businesses. Each year our cyber claims department handles over 2000 claims, gathering important data to help us better prepare for the cyber threats our clients will face in the future.


Our 2016 Cyber Digest analyzes these changing trends for both the small and medium sized businesses across a myriad of industries. Our findings this year prove that the uptick in cyber attacks show no signs of slowing down.


The Hard Facts: 

Of the 900 claims filed, ransomware events doubled for those in healthcare, and quadrupled for businesses in other sectors.


Additionally, cyber related financial fraud claims increased 8x between 2015 and 2016.


To read more of our findings, click here.

June, 2017