Cyber Insurance

Cyberattacks can result in a significant loss of time and money— not to mention lasting emotional effects. Your clients need to be aware that this can happen to them and could have major impacts. Here are some tips and solutions to help offer them peace of mind.

Over the past year, the COVID-19 pandemic, increasing frequency and severity of ransomware attacks have put pressure on the U.S. cyber liability market, creating an imbalance between coverage supply and demand. Insurance agents need to keep up with the constantly changing nature of technology, and cyber policies are becoming more complicated.

I’m going to go where no author has gone before….writing an article about Cyber with no mind-boggling statistics that would scare you, no prattling on about coverages, sublimits, and first or third party exposures. No “inside baseball” talk about loss prevention and breach response being key to every business’s cyber security strategy. Frankly, you’ve heard it all before.

In this business, we handle so much sensitive personal and private financial consumer information that we have to be vigilant about staying on top of cyber security. It is important to always be cognizant of potential threats in order to preserve your clients’ security and that of your book of business. Making sure you are aware of these risks now will save you time and money in the long run.

The Federal Trade Commission reports that identity theft tops its list of complaints by consumers nationwide.

Servicing clients and their many evolving exposures is difficult enough. Throw in trying to keep up on the cyber liability and data breach exposures, and it leads to a complicated situation that may leave agents exposed themselves. Here are the top five concerns agents and brokers should be aware of in helping design the right cyber liability coverage for their clients.

A year ago in this magazine, I introduced the most dangerous threat no one is talking about in the insurance industry—cybersecurity—and why that was great news for your business. For every four business owners who walk into your agency, three will not be protected against cybersecurity risks.

Travelers Insurance