Ten years ago Cyber Insurance was in its infancy. Today, this insurance coverage has more than $2 billion in premiums and both its growth in premiums and skyrocketing claims are advancing at double-digit rates.
Today, claims cost are being spread over numerous categories that we failed to realize in the recent past. Now we are paying for crisis management, including notification and credit/ID monitoring, legal defense, regulatory expense, PCI fines, assessments and fraud.
Note: New cars are being "hacked" because of "smart" technology. The question of who pays the claim if the navigational support, collision avoidance systems and other safety functionalities are crippled by a breach and cause an accident??
No organization is immune to a cyber breach. Cyber risks are exacerbated by the trend in outsourcing data handling and the simple fact that the modern business world is full of portable devices such as cell phones, laptops, iPads, USB drives, jump drives, media cards, tablets and other devices that may facilitate the loss sensitive information.
Many clients think they are too small to be a cyber risk. To counter this position one only has to ask "have I ever had a computer virus either at work or at home"? 99% of us will answer yes!!
Learn more about cyber protection by calling to speak with me about your options.