CyberMax Protects FAQs

Q: What is the CyberMax Protects Program?

A: CyberMax Protects is a Cyber Liability Insurance Program, coupled with cyber security resources and cyber security training to help small businesses avoid cyber-attacks. All clients are automatically included into the program. CyberMax Protects requires zero underwriting – no questions about the business’s internal cyber security posture and procedures. The coverage is affordable and accessible if the monthly fee is paid.  

A: No matter what time of the month you opt-out of your coverage, the coverage will be cancelled effective the first of that month. For example, if cancellation is requested on the 11th of a given month and the client follows the opt-out process, coverage will be canceled back to the 1st of that same month.

A: Risk Purchasing Group (RPG) is a group of businesses or individuals that join together to buy insurance collectively. By pooling their resources and sharing similar risks, they can secure better coverage and lower premiums than they could individually. RPGs are typically formed to access specialized insurance, and they are governed by laws that allow them to operate across state lines. 

A: Small and mid-sized businesses looking for cost-effective liability insurance.

Q: Which insurance company provides coverage for this program? 

A: Coverage for CyberMax Protects is provided by AmTrust, a top-rated, national insurance company, specializing in Cyber Liability insurance with over $2B in financial backing. AmTrust was recently recognized by Forbes Magazine as one of America’s top private companies. 

Q: What does cyber liability insurance cover?  

A: Cyber insurance, also known as cyber security insurance, helps small business owners deal with the expensive costs of data breaches and malicious hacking. It helps you cover the costs of credit monitoring, legal fees, and fines, as well as notifying your customers, which is typically mandated by each state’s data breach notification laws.

Q: What constitutes a cyber-attack?

A: A cyber-attack is when an outside entity infiltrates your business’s private network to shut down and steal your company’s, your employees, and your clients, sensitive information. This stolen information can be used for ransom and disseminated to the public.

Q: How does cyber insurance coverage work?

A: Cybersecurity insurance coverage includes the loss of sensitive information through a data breach after your company has permitted or failed to stop unsanctioned user access to your company network. Cyber insurance covers notification costs, litigation costs, fines and penalties.

Q: Who is vulnerable to a cyber-attack?

A: Everyone is vulnerable to a cyber-attack. If you have a website or social media presence, you are a target.

Q: Are there different types of cyber-attacks?

A: Yes, there are different types of cyber-attacks. Types of attacks include: the Trojan Horse, Phishing, Unpatched Software and the most well-known of them all, Malware.

Q: What is Malware?

A: Malware is used to disable and damage computers and networking systems.

Q: How would I know if my small business is being targeted?

A: With more than half of small businesses suffering cyber-attacks, assume your small business is always a target.

Q: Is there a difference between a cyber risk and a cyber threat?

A: Yes. A cyber risk is the risk at which your company can lose money or sensitive information. A cyber threat includes how a cybercriminal can infiltrate your network and halt or dispense your system and its confidential information.

Q: Will my cyber insurance protect me if an employee caused the attack?

A: Yes. Cyber insurance protects you in the event of a malware and phishing (and other network breaches) attack even if it has been caused by an employee.

Q: Do I have to pay a deductible?

A: Yes, you will have to pay a deductible of $1,000 for each occurrence.