We can’t function or run our daily business operations without technology.
But have you wondered how cyber insurance came into existence?
It is only fair to KNOW how cyber policy and coverages became a part of business insurance as a way to mitigate financial risk when it comes to technology perils.
Now keep in mind – traditional commercial insurance industry has been around for over 200 years and many coverages can be assessed ‘physically’ – think general liability, commercial auto, etc.
Cyber Insurance is based on assessing technology risks and realize that cybersecurity risks change all the time, and it is therefore important for organizations to reassess their risk as their risk profile and needs evolve.
Here’s a quick background on how cyber insurance became a part of commercial insurance industry and how it applies to cyber and technology risks as a cyber policy.
Hardly any organization today can claim that it does not collect at least some confidential information about its customers, clients, business partners, or employees. Having a cyber insurance policy is becoming less of an option and more of a requirement in today’s world. No industry is immune to attack and no organization is too large or too small to fall victim to a data breach. In fact, recent studies indicate that almost half (43%) of all data breaches involved small business victims. Ransomware and social engineering claims are on a rise among companies of all sizes.
Reach out and we’d assist you in reviewing your current policy to ensure you have sufficient coverage – including 1st/3rd party cyber liability and cybercrime coverages.