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Paychex Introduces Cyber Liability Protection to Help Defend Companies Against Cyber Attacks

Will help organizations tone down the possible financial impact of hackers, ransomware, data breaches, or online banking frauds

One of the leading providers of integrated HCM (human capital management) solutions for HR, payroll, benefits, and insurance administration services, Paychex is now also making cyber liability protection available to its clients. Paychex is doing this to help defend companies against any unexpected costs associated with cyber attacks. Paychex is making this possible with the help of Paychex Insurance Agency and AXIS Insurance Company, a primary cybersecurity insurance carrier.

By combining its innovative SaaS technology and mobility platform with dedicated, personal service, Paychex empowers SMBs to grow well and manage their businesses better.

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The policy will help organizations tone down the impending financial impact of hackers, ransomware, data breaches, or online banking frauds. The companies will get assistance from Paychex in terms of costs involved in the response and recovery after an attack. Companies can avail of flexible coverage limits to secure the best policy for their unique circumstances.

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Access to 24/7 Crisis Management and a Top Cybersecurity Law Firm

Subscribers of the cyber liability protection plan will get the following features:

  1. Privacy regulation liability – to help make up for possible fines or penalties from state and federal agencies.
  2. Ransomware and social engineering attacks – to recuperate from cases of cyber extortion or fraudulent transfers.
  3. Forensic investigation – to identify the source of a cyber attack and the root cause of the security failure.
  4. Litigation – to help pay for legal defense, even if allegations are false, groundless, or fraudulent.
  5. Business interruption – to grant compensation for lost net profits and data recovery costs.

John Gibson, Senior VP of service at Paychex said, “Cyberattacks present a growing threat to businesses of all sizes, not just large corporations. Cybersecurity insurance can offer peace of mind and be particularly critical for businesses with fewer than 1,000 employees, 60% of which fail within six months of a cyberattack due to a lack of resources to offset the breach.”

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