A new survey of large companies on Cyber Risk Insurance
(also called Data Breach, Privacy and Network Security insurance
coverage) provides some insights for small and medium sized companies.
The survey was conducted recently by RIMS (see here). While the survey concluded that Cyber Risk Insurance is the norm for large companies, smaller companies will be interested in a number of key points:
Cyber Risk Insurance is an essential coverage for businesses of all sizes, not just for large companies, for protection from both criminal attacks and employee error. As noted, policy forms are evolving and coverage can be tailored to cover a range of exposures, including exposures specific to a particular company.
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).
Credit: http://specialtyinsurance.typepad.com
- The top respondent concern is reputational harm – 82%
- The purchase of standalone Cyber Risk Insurance is sometimes driven by contractual obligations – 25%
- Cyber Risk Insurance policies are evolving rapidly: “The evolution of products that are specific to individual companies has been really impressive.”
Cyber Risk Insurance is an essential coverage for businesses of all sizes, not just for large companies, for protection from both criminal attacks and employee error. As noted, policy forms are evolving and coverage can be tailored to cover a range of exposures, including exposures specific to a particular company.
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).
Credit: http://specialtyinsurance.typepad.com
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