Cyber Risk Insurance (also called Data Breach, Privacy, Network Security insurance) is a necessary insurance coverage for all organizations and most organizations are starting to buy the coverage. As an insurance agent or broker, you should be up to speed and ensuring your customers have (the right) coverage.
The confluence of hacker attacks, employee errors, increasing regulation and internet security lapses has created a heightened level of exposure for all organizations, including smaller organizations. We noted an increasing need last year in our post Cyber Risk is Booming (see here, also Who Needs Cyber Coverage).
The media is primarily focused on breaches at large organizations, but numerous breaches at smaller organizations go unreported. And many more companies are buying, as noted in a recent CNBC article (see here).
No company is safe these days from a cyberattack…. Increasingly companies are trying to hedge costs associated with attacks on their networks by purchasing cyber insurance.
Cyber Risk Insurance is easy to obtain and affordable (see here). Premiums for smaller organizations are very low, less than $1,000 in many cases. Because not all insurance policies are the same and exposures vary, no one policy is right for all organizations. Work with an expert in order to ensure you are getting a comprehensive insurance policy with adequate limit that is right for your organization.
Tennant Risk Services is a specialty wholesale broker and underwriting manager, and delivers expertise, markets and exemplary services to our retail insurance agent clients in the placement of professional liability insurance (E&O, D&O, EPL, Cyber), including Cyber Risk Insurance. We excel at hard to place accounts.