CHICAGO, Oct. 26, 2021 (GLOBE NEWSWIRE) -- BCS Insurance Company (BCS), Risk Placement Services (RPS), and Paladin Cyber announce today an initiative to broaden BCS's cyber liability product by providing small business policyholders with a market-leading cybersecurity suite to help protect and mitigate cyber risks.
Small businesses that purchase BCS cyber liability insurance coverage, administered by RPS exclusively through www.RPSSmallBusiness.com, will gain complimentary access to Paladin Cyber's Paladin ShieldTM, a powerful cyber protection suite that offers continuous vulnerability monitoring and a suite of defense and training tools for teams, alongside insurance coverage to help protect them from the high costs and reputational damage of a privacy breach or other cyber-related incident.
The initiative represents an evolution of the cyber insurance industry. BCS gives its insureds access to Paladin's powerful cyber protection suite to protect them and help prevent cyber incidents.
"BCS, along with our administrator, RPS, has been at the forefront of the cyber liability insurance industry, and we've watched the industry change dramatically in the last few years," said Timothy LeMarbre, vice president, cyber and property & casualty underwriting, BCS Financial. "We recognize the need to broaden the services available to our insureds and are excited to partner with Paladin to provide easy-to-use tools to help new and renewing policyholders protect themselves even further."
Paladin Shield helps organizations avoid ransomware and other cyber incidents by providing protections that fortify entry points used by cybercriminals, actionable risk insights, and automated security awareness training that has been shown to reduce a team's phishing susceptibility by 64%. The suite, which will be available at no cost to new and existing policyholders, is valued at nearly $500 per month.
"BCS offers top-notch coverage that helps organizations respond to and recover from cyber incidents like ransomware," said Xing Xin, co-founder and chief executive officer of Paladin Cyber. "Our unified solution empowers organizations to transform their risk profile and avoid these incidents with easy-to-use AI-powered protections."
"The data shows that improved cybersecurity fundamentals can stop ransomware; and helping to mitigate risks should be an industry standard," said Steve Robinson, national cyber practice leader, RPS. "By engaging Paladin, the BCS cyber insurance policy, available through RPS, is able to deliver an easy-to-use solution to its policyholders."
BCS is the sixth largest writer of admitted cyber products in the U.S. per A.M. Best. Risk Placement Services is the fourth largest specialty insurance products distributor in the U.S., and the exclusive online cyber distribution partner for BCS. Paladin Cyber provides comprehensive cyber protection for businesses of all sizes through differentiated insurance programs and easy-to-use technology.
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ABOUT PALADIN CYBER
Paladin Cyber transforms cyber risk management for insurers and the companies they protect. Leveraging proprietary data and AI, Paladin's cloud-based platform delivers clearer visibility into risk and convenient protections that effectively combat cybercrime. Paladin delivers the benefits of data-driven cybersecurity to its partners and their clients by pairing leading risk assessment, mitigation, and analytics tools with intelligent automation and delightful user experiences. For more information, visit https://www.meetpaladin.com or email contact@meetpaladin.com.
ABOUT RISK PLACEMENT SERVICES
Risk Placement Services (RPS) is one of the nation's largest specialty insurance products distributors, offering valuable solutions in wholesale brokerage, binding authority, programs, and standard lines, plus specialized auto through its Pronto Insurance brand. Headquartered in Rolling Meadows, Illinois, RPS has more than 80 offices nationwide. For more information, visit RPSins.com. Follow RPS on Facebook, Twitter, LinkedIn, Instagram and YouTube.
ABOUT BCS
BCS Insurance Company is wholly owned by BCS Financial Corporation, which has more than 70 years of experience delivering a wide range of insurance and financial solutions for Blue Cross and Blue Shield organizations nationwide. Through its subsidiaries, BCSI and 4 Ever Life Insurance Company, BCS headquartered in Oakbrook Terrace, Ill, licensed in all 50 states, and rated A (Excellent) by A.M. Best. Learn more at bcsf.com.
For more information, please contact Nathan Post at 630.472.7860 or npost@bcsf.com.
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