New Cybercrime Insurance Policy Protects the 'High Net Worth' Set

Private network security company Rubica has partnered with PURE Starling to offer its active individual subscribers a $1 million cybersecurity insurance policy.

The policy, which carries an annual $1,000 premium, has a $100,000 sub-limit for system attacks and purchasers can have no prior fraud or cyber incidents in the past 24 months.

Under the policy, which the organizations say is geared for "responsible high net worth individuals and families," PURE Starling will reimburse Rubica subscribers whether their attack happened online or offline. The attacks include social engineering, ransomware, and unauthorized payment transfers. The policy will cover such expenses as hiring a professional to remove malicious code, to reconfiguring a system that has been lost or compromised.

In addition to teaming with Rubica, PURE Starling is also offering its homeowner policyholders the ability to add an endorsement to cover these losses up to $100,000 with a $500 premium, or a $250,000 policy with a $100,000 systems attack sub-limit, with a $1,000 premium.

Read more about Rubica's cybersecurity insurance partnership here.