What is Your Appetite for Cyber Security Insurance?
The damage to first and third parties, the cost of regulatory fines, the loss of reputation and the price to clean it all up is also a new consideration for businesses, particularly mid-market companies without deep pockets.
So what is the appetite for cyber insurance?
According to Marsh, a leading insurer, companies in ever-larger numbers are seeking financial protection for cyber attacks through insurance, buying coverage for losses from data breaches and business outages. Their report says that clients who purchase cyber insurance increased 32 percent from 2013 to 2014 and that continued to accelerate in 2015.
Cyber risk insurance is still relatively uncharted and new laws are being written every day to deal with data breaches and the fall-out from them.
So how do you determine if your company should have the appetite for cyber insurance?
- Do you store or have access to social security numbers, credit cards, health information, or bank accounts numbers?
- Do have access or store confidential information for your clients?
- Does your business have a website or social media account?
If so, then you might consider cyber insurance as a necessary business expense because the new liability is in a company’s data.
Sword & Shield and our partner, Affenix, can help.
Call us at 865-244-3500 or email us at firstname.lastname@example.org to see how we can help you minimize your risks while protecting your brand.