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The increased need for cyber insurance

The increased need for cyber insurance

One might say that 2020 has been like no other in our lifetime. COVID-19 has brought families closer together and given us all time to slow down and realize what is important in life. While some positives have come out of the pandemic, some things that have gotten more serious - like the risk of a Cyber claim to a business. While some employees continue working remotely, they are more vulnerable than usual. In cases like these, the business should be prepared for a Cyber threat. Even when employees are back at work, the risks are constant because the hackers continue to learn how to get past the firewalls that we use to protect our information. We have several markets that can offer cyber and, in some states, coverage is available on admitted paper.

There are common objections such as “I am not a target for hackers” or “I don’t collect a lot of data.” The truth is that every business with employees and/or vendors collects and stores private information, and the mishandling of such information can lead to a liability or public relations challenge. Cyber insurance is more than a product to protect you from a data breach, it can cover website media, cyber extortion, digital property replacement, cybercrime, business interruption, privacy liability and network security liability.

I know it is one of those things that you think won’t happen to you but, if it does, wouldn’t it feel better to be prepared!

Posted by Jamie Bowling, P&C Department on Jun 30, 2020