Azione Unlimited (AU), the AV industry buying group, has created a nationwide cybersecurity initiative for its custom installation members. Dealers now have access to Azione’s exclusive cyber liability insurance program and rates through Alper Services, a trusted business insurance and financial solutions provider.
“Security is a key concern in today's smart homes. Not only do our dealers need to protect the intellectual property and financial data that resides on their own networks, but they also need to ensure the security of clients' installed systems,” said Richard Glikes, president of Azione Unlimited. “As news reports of recent data breaches have shown, no business is immune to a cyber-attack.”
In spite of enhanced cybersecurity measures, the frequency of cyber-attacks has grown by 30 percent each year since 2005 and increased by 38 percent in 2015. As the fastest growing crime in the U.S., cyber-crime damage costs could reach $6 trillion annually by 2021, according to experts.
Through presentations at its conferences, Azione Unlimited has been working to raise awareness of cybersecurity and to help members protect themselves and their customers. At the group’s fall Austin conference, Kevin Sneed, CEO and president of US Pro Insurance Services, shared how cyber-events, such as a cyber-ransom request, hacking, or identity theft remain a much more significant threat.
A range of data on "non-physical fires" was shared including: The average physical fire cost businesses $19,000 on average (2015). The average non-physical fire (i.e., cyber-crime) cost businesses $190,000 average (2015). About 60 percent of non-physical property fires result in a bankruptcy loss to a small business.
Azione Unlimited’s comprehensive cybersecurity insurance policy provides third-party liability coverage as well as coverage of first party out-of-pocket expenses. Highlights of the coverage include a range of liabilities such as network security, regulatory and multimedia, as well as data restoration, cyber extortion, and cyber crimes.