If you are a business owner – or someone in charge of the risk management program for their company – you probably know about cyber insurance. More companies are electing to transfer some of their risk by purchasing a cyber insurance policy. Bottom line, cyber insurance coverage is an integral element of risk management for the modern-day business.
Ask yourself these few questions…
Do you collect sensitive data?
Do you rely on technology?
Do you perform financial transactions?
If your business does any of the above… you are vulnerable to a loss that could cost your company hundreds of thousands of dollars.
Like all types of insurance policies, cyber coverage forms vary between carriers. Cyber insurance forms are also relatively new in the history of insurance, and have evolved over the past 5 years. For example, you may have a cyber insurance policy that covers third party data breach, or you have some privacy breach coverage with your standard carrier on a general liability policy. While great to have – and would certainly “check the box” for having cyber insurance – if that is all your company has in place for cyber coverage, there are some major gaps in your coverage.
Below are some important coverages that may or may not be included in your commercial cyber insurance policy. More importantly to note, there is typically a carrier available that can include all the coverages for the same premium you are currently paying.
- Social Engineering – Email Phishing Scams
- Funds Transfer Fraud
- Contingent Business Interruption
- PCI Fines
- Separate 1st party expense limit for Notification Costs
At RogersGray, we are passionate about cyber insurance. Upon quick review of your current coverage, we can determine if you are missing some of these critical coverages, and provide a solution to close the gaps.
Reach out to me via LinkedIn or use the form below to contact me with any questions about cyber liability coverage or your exposure to risk.
Consultant | Business Insurance
Matt is a Business Insurance Consultant at RogersGray Insurance. He specializes in Cyber Liability Insurance and works as an adviser to his clients, helping them design a risk management strategy that aligns with their own unique situation. He has 8 years experience working with emerging and middle-market companies that have sophisticated liability insurance needs. Matt also enjoys spending time with his wife and two children, and is passionate about saltwater fishing! You can connect with him on LinkedIn or by email