In the past year one of the frequently asked questions from our insured’s has been… Does “MY” business need Cyber Liability or Data Breach Insurance?
We believe it is an obligation if your company handles or stores any private customer, patient, or employee records.
The following businesses are at a higher risk for a data breach due to the quantity sensitive information they handle on a daily basis…
- Healthcare practices (including dental offices)
- Law offices
- Accounting offices
- Retail Store
- Financial Services
- Active Avoidance – Indicates whether the carrier includes products and/or services that help the insured actively protect data from breach or other covered loss.
- Pre-Breach Planning – Available services and/or tools that help the insured to prepare a contingency plan in the event of a breach .
- Helpline – A staffed resource that fields questions via telephone or email.
- Information Portal – Most insurance carriers have customer portals that act a resource for information and tools to help in the response to data protection and breach.
Cyber/privacy insurance products are evolving rapidly, especially in terms of market segmentation and value added risk management services. Pricing remains competitive, but there is no extensive rate-cutting to gain market share. Carriers are no longer pouring into the market, but instead are improving their products as they learn more about what insured’s need (and desire) from their insurance purchase.
For a deeper look into the figures and factors download our “Cyber Liability White Paper”
Since this is an area that is rapidly evolving, it is critical to work closely with your agent to stay up to date on the latest coverage options and determine what is needed to best protect your business.
Learn more here – Cyber Liability Coverage