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Check Inside Your Cyber Liability Insurance Policy

Check Inside Your Cyber Liability Insurance Policy

Check Inside Your Cyber Liability Insurance PolicyCyber attacks are a relatively new, yet insidious and frequent phenomenon. The insurance industry is responding to the risks they pose by designing insurance policies to address various exposures. The Cyber insurance industry, although in its nascent state, has more than doubled in value from $1 billion in 2012 to $2 billion in 2015, and could triple by 2020 as result of a growing landscape of cyber threats, according to a report released by Moody’s.  What’s also important to note is that there are many different Cyber policies on the market, which is why it behooves organizations to work with insurance experts who understand what is available and how and when a specific policy will respond.

One of the things to look at is the policy’s deductible – that’s because a majority of the breaches that occur fall below the deductible found in many Cyber insurance policies. According to a new study released by insurance information and analytics company Advisen and commissioned by ID Experts, a data breach response services company, most data breaches are small, consisting of fewer than 500 records lost with the median data breach only 100 records. Many Cyber insurance policies, however, are set up to protect against large data breaches. For example, the survey found that 90% of respondents have a deductible greater than $10,000 and 48% have a deductible over $101,000.

It’s important to evaluate your risk tolerance and what deductible makes sense for your company. There are insurance carriers that offer policies with lower deductibles, so be sure to discuss this with your insurance advisor.

Beyond providing coverage to respond to a cyber attack, having a Cyber policy in place also gives you access to risk management services, which many carriers provide. Insurers can provide tools for preparing and responding to incidents, such as connections for legal counsel, data breach response vendors, and public relations agencies. In addition, many carriers offer advice and services to potentially minimize the costs of these smaller breaches.

Axis Insurance Services specializes Privacy & Network Security/Cyber Liability insurance, providing a broad spectrum of industries and professionals with coverage. We have access to various markets to address the different needs and risk profiles of our clients to secure the right Cyber policy. Contact us at (877) 787-5258 to discuss your cyber exposures and how we can properly address them.

 

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Blogged on: March 16, 2016 by Mike Smith
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