With the ever-increasing threat of data breaches, Nexio is pleased to inform you that the Merchant Cyber Liability Program is now automatically part of the (MSP) agreement. With a cyberattack occurring every 39 seconds, and the average breach exceeding more than $75,000 in expense to the average small business, this policy will provide financial protection in the instance of a data breach. Details can be found below.
The Merchant Breach Protection Program protects each merchant up to $100,000 per MID and $500,000 per merchant.
The Program protects merchants for the cost of an actual or suspected violation of a privacy regulation due to a covered security breach that results in the unauthorized release of payment card information in the merchants care, custody or control.
The Merchant Cyber Liability Program:
- Includes PCI DSS level 2, 3 and 4 merchant accounts, regardless of whether the merchant accounts were thought to be PCI DSS compliant at the time of the breach.
- A forensic audit when a data breach is suspected
- Crisis management and fraud prevention expense (breach notification, credit monitoring, public relations and associated legal expenses)
- PCI fines and penalties
Please refer https://royalgroupservices.com/nadsrpg/ for specific terms, conditions, limitations, and exclusions that will govern in the event of loss for complete details, terms, conditions and exclusions of the Program.
If you have any questions about this Program, please do not hesitate to contact the program administrator, RGS Limited, LLC at 888-747-8220. If you choose not to participate in this program, you will be required to produce proof of a similar policy through an approved 3rd party. To do so, please contact us at the following email address: Breachinsurance@nex.io