About Cyber Liability Insurance: Renewal or Initial Application

As the Felician Sponsored Ministries begin their budget planning for the next Fiscal Year (typically from February to May), Felician Services (FSI) encourages the ministries to consider the importance of keeping and/or obtaining cybersecurity coverage.

Click the button below to access an article with important insights regarding cybersecurity:

Cybersecurity continues to be a pressing concern for virtually all organizations. It is a particular risk for organizations in the non-profit sector. If your ministry is not currently insured with a separate cyber liability insurance policy, we are asking that you seriously reconsider this decision in the next Fiscal Year (beginning July 1) to mitigate the potential risk, not only to your ministry but to the people your ministry serves.

FSI has engaged with Gallagher to provide a master cyber liability insurance policy. If your ministry is looking for a competitive quote, Gallagher can provide coverage and premium comparisons as part of the FSI Master Cyber policy. Gallagher also provides access to their eRisk Hub – a website with valuable tools, resources and templates – to help protect your ministry against hacking, ransomware, social engineering and phishing threats. Having coverage can provide an important resource to help address the myriads of regulatory and compliance issues that result from a cyber breach.

5 Requirements to get Cyber Insurance

While requirements for insurance may vary, there are some basic considerations for mitigating risk and optimizing cyber insurance pricing. This helpful page from Aldridge provides a brief video and articulates five requirements in order to get cyber liability insurance. Click the button that follows to learn more about these requirements which include:

1. Multi-Factor Authentication
2. Air-gapped Backups
3. Endpoint Detection & Response/Managed Detection & Response (EDR/MDR)
4. Vulnerability Management
5. Security Awareness Training & Testing

Procedure for Renewal or Initial Application

Renewal and Reimbursement

If you have coverage in place and would like to request reimbursement of (up to) $3,000, please click the button below to provide Felician Services with a copy of the annual premium invoice as well as the summary pages of the policy coverage. As a reminder, if you have not already submitted a current Fiscal Year paid premium invoice for reimbursement, please do so by June 30th. FSI will continue the practice of providing reimbursement of (up to) $3,000 in the next Fiscal Year.

New Coverage

If your ministry is applying for new coverage or if you have existing coverage and are requesting a quote, please complete click the button below and complete a brief form. This form will send an alert to the Felician Services EVP Finance and to our representative at Gallagher Insurance. You’ll receive a copy as well. It will be the ministry’s decision as to the amount of coverage that your ministry purchases.