MSR RIA CyberSecure for Registered Investment Advisors
Cyber coverage provided through Advisor Support Services firms (their sponsors) to their RIA's and/or broker/dealers.
Cyber insurance for RIAs covering losses due to privacy and security breaches that are NOT caused by the Advisor Support Service firm or their third party service providers. Covers losses for the RIA firms on their own Computer Systems.
Excess + Surplus
A.M. Best Rating
Lloyd's of London
$2M per occurrence/aggregate
Per RIA or RIA firm $10M annually (above that, referral required)
First and third party cyber coverage for RIA-controlled Computer System or in-home/office privacy event.
Coverage does not include events caused by or resulting from a security breach of the Sponsor.
Affirmative coverage for PCI fines, penalties, and assessments and other civil fines arising out of federal and state breach privacy laws
Third party coverage for defense costs and settlement expenses
designed to bolster relationship between services firm and its advisors while improving the security and reputation risk for all parties
Advisor Service firm/Sponsor is granted vicarious liability coverage for breaches caused by the RIA.
Sub-limited coverage for cyber-extortion
No aggregate cap on number of participants; each RIA gets its own policy (and limit)
Includes turnkey breach response services
with pre-approved panel of forensics, legal,
RIA's will receive a 30% discount for purchasing coverage through a sponsored program.
June 15th, 2020
INTRODUCING OUR NEW CYBER PRODUCT FOR REGISTERED INVESTMENT ADVISORS
Author: Mary Guzman, Managing Director
In today's #WFH environment, cyber risks to professional advisory service providers are heightened significantly. In order to address this risk head on, MSR has rolled out MSR RIA CyberSecure for technology and administrative support firms to roll out to the Registered Investment Advisors( RIAs) that...