White Plains, New York – June 15, 2015
Privilege Underwriters Reciprocal Exchange (PURE), the policyholder-owned property and casualty insurer of high net worth individuals and families, announced today it has partnered with leading security firm Concentric Advisors to offer CyberSafe Solutions, first-of-its-kind services and insurance designed to help individuals better assess, prevent, detect and respond to cyber threats.
As cybercrime techniques advance and multiply, criminals home in on higher-stakes targets, including retail banks, wealth advisories, healthcare companies – and personal data and wealth.
“Research, including the PURE-sponsored CEO Personal Risk Index produced by Chief Executive magazine, shows that high net-worth individuals have a heightened sense of concern about cyber risk, and lack a clear understanding of how to protect themselves,” said Martin Hartley, Executive Vice President and Chief Operating Officer of PURE Insurance. “We are pleased to partner with Concentric Advisors to offer CyberSafe Solutions, empowering our members with leading-edge information, services and coverage to reduce risk and take control in an increasingly connected world.”
“Successful individuals are ill at ease with their personal cyber environments, and deserve more comprehensive knowledge, security, and coverage that address the risk,” said Roderick Jones, CEO of Concentric Advisors. “Together with PURE Insurance, we are proud to provide PURE members with intelligent, unmatched cybersecurity services focused on the needs of the individual, rather than corporation.”
As part of the new offering, PURE will provide:
- Cyber Knowledge Center on PURE’s Situation Room website, puresituationroom.com. The online resource will provide extensive information about cyber threats, mitigation strategies, a self-assessment tool, and a comprehensive white paper.
- CyberSafe “Fundamentals Check,” a 10-point cyber-risk assessment conducted by a PURE Risk Manager in a member’s home during a PURE360 Risk Management Consultation.
- Cyber Security Advice Line led by cyber-risk specialists and available for free to PURE members.
- Valuable Coverage available in PURE’s High Value Homeowners Policy. In the event of a covered loss, members will benefit from coverage for unauthorized use of credit cards, money in a financial institution and electronic fund transfers resulting from cyber-attacks. Further, PURE’s liability coverage is designed to respond to claims resulting from covered cyber-related injuries (or allegations thereof) such as a hacker using a member’s social profile to commit libel or slander, or the child of a covered member accused of cyber bullying.
For PURE members seeking an even higher level of cybersecurity protection, Concentric’s cybersecurity consultants will recommend and offer preferred pricing on specialized services relevant to their specific needs, including:
- Home Cyber Security Audit – an assessment of the home IT network and examination of all components affecting information security.
- Social Engineering Assessment – an assessment that identifies and analyzes references to the member across open information sources such as social networks, media, and blogs to discover vulnerabilities and recommend practical mitigation actions.
- Home CyberShield – Concentric’s proprietary managed firewall service and comprehensive cyber intrusion detection system with continuous monitoring and Adaptive Security.
For more information on PURE’s CyberSafe Solutions or to download a copy of a new white paper on cyber risk, please visit pureinsurance.com/cyber.
Privilege Underwriters Reciprocal Exchange (PURE) is a policyholder-owned insurer dedicated to creating an exceptional experience for responsible high net worth individuals and families. PURE provides best-in-class, customizable coverage throughout the U.S. for high-value homes, automobiles, jewelry, art, personal liability, watercraft and flood. Inspired by some of the finest policyholder-owned companies in the world, PURE emphasizes alignment of interests and transparency. PURE’s low cost of capital, careful member selection, and proactive risk management all contribute to highly competitive rates.
PURE’s dedication to broader coverage, proactive risk management and personalized service has helped the insurer sustain at least 40% annual growth each year since its launch in 2007; today PURE serves more than 40,000 members and has achieved a category-leading 96% annual member retention rate.
Policy language is descriptive. Actual coverage is based on policies as issued. In return for a fee, PURE Risk Management, LLC acts as Attorney-in-Fact for PURE.
About Concentric Advisors
Concentric Advisors specializes in sophisticated cyber, physical, and personal security for private individuals. Concentric believes all security should have a focus on constant innovation, which is essential for staying ahead of evolving threats.
Concentric’s clients include some of the world's largest companies, best known brands, and most influential people in the technology, finance, philanthropic and industrial sectors. Using a proprietary network of government-level resources, Concentric manages complex global operations and offers a broad range of services from cyber security, residential security, personal protection, and ongoing risk analysis. Concentric’s ultimate goal is to provide smart, customized security and risk mitigation services to enable clients to maintain their privacy and position as industry leaders.
Concentric’s in-house team of industry experts include professionals from the most renowned and elite positions in British and U.S. intelligence agencies, Scotland Yard’s Special Branch, British Special Boat Service (SBS), and the U.S Foreign Service.
Interviews with PURE's executives, brokers and members may be coordinated upon request.
Copies of the A.M Best Company report are available.
This material is descriptive only. The precise coverage offered is subject to the terms and conditions of the policies issued. The rights and responsibilities of members are subject to the Subscriber’s Agreement and Power of Attorney. Coverage may not be available in all jurisdictions.
Contact: Mark Galante
TEL: (914) 992-0013
FAX: (914) 328-3883