Cyber and Data Breach Insurance Program for Brokers

NOTE: ALL Anywhere Advisors LLC’s real estate brokerage companies or Anywhere Real Estate Services Group LLC franchise network brokers are now required to obtain
cyber and data breach insurance in the appropriate amount for the size of their franchise operations with a minimum of $500,000 in coverage per claim as part of maintaining their brand franchise Agreement.

PROTECT YOUR COMPANY and TAKE A PROACTIVE APPROACH AGAINST CYBER and DATA BREACH LOSSES WITH THE SPARK CYBER INSURANCE PROGRAM FOR BROKERS

SPARK Members Cyber and Data Breach Insurance program

SPARK has partnered with Coalition to provide up to $1M of Cyber Insurance coverage at a VERY Competitive Rate. Members also have access to a long list of tools and resources to help mitigate their cyber and data breach exposures. The best way for your real estate firm to manage digital risk is through an active insurance policy. One of the biggest risks facing real estate firms today is wire fraud, and in the event of an incident, you need coverage. It is easy and fast to get coverage in place today via the online SPARK Coalition portal. Get your quote, and easily have coverage in effect for your brokerage now.

Why do I need cyber insurance?

ALL Anywhere Real Estate Services Group LLC franchise network brokers are now required to
show that they have an acceptable level of cyber insurance to help mitigate the threat of cyber-attacks and data breaches and help cover the high costs of funds transfer fraud, business email compromise, ransomware, and other forms of data breaches as well as regulatory fines and penalties.

All franchises are now required to obtain cyber insurance in the appropriate amount for the size of your franchise operations with a minimum of $500,000 in coverage per claim.

In today’s digital world, it’s not an “if” but “when” a cyber incident can occur.

What are my cyber risks?

Funds transfer fraud (FTF) is one of the biggest threats facing the real estate industry. An even bigger issue is Funds Transfer Liability = i.e., business email compromise (BEC) where a threat actor uses a realtor’s email to send wire instructions to a buyer, and then the buyer sends funds to the attacker.

FTF usually happens when threat actors compromise an organization’s email system and secretly modify contacts and payment instructions to issue funds to themselves. The last year saw a huge surge in initial losses to an average of nearly $400,000 (based on Coalition’s claims data)

There’s also the ever-present threat of a phishing (email) scam leading to a data breach resulting in ransomware.

What is cyber insurance?
Cyber insurance helps real estate firms like yours to weather the storm from many technology-based risks that might befall them, including risks associated with a company’s IT infrastructure, systems failure events, cyber attacks, data breaches, and more.

Is cyber insurance expensive?
Cyber insurance can be very affordable. The price of your policy depends on a variety of factors, like your company’s network security, the type of sensitive data you collect, and your claims history. The best part? The better your security, the better the price.

What all comes with a Coalition policy?
As a Coalition policyholder, you’re teamed up with a first-of-its-kind organization that provides both insurance and security tools. Active Insurance means:

• Active Risk Assessment provides a personalized risk profile and identifies your risks
• Active Protection through Coalition’s scanning and monitoring tools
• Active Response if a cyber incident occurs

And if a cyber incident does occur, Coalition’s in-house Incident Response and Claims teams are ready to jump into action to help SPARK members.