Articles

May 8, 2013

Cyber Liability Insurance- What to look for

What should you look for when purchasing a cyber liability policy? Lets start with the basics….

Privacy Liability AND Network Security Liability are the fundamental coverage components of the Cyber Liability policy. They address different types of damages. Unfortunately, many companies are only providing limited coverage with few very few options, so it’s important to have an idea of what to look for.

 

What they do:

 

Privacy Liability- Sometimes referred to as privacy injury, information liability, or disclosure injury coverage, provides coverage against the unauthorized access to confidential information. When important information falls into the wrong hands and customers or third-parties subsequently experience damages from the wrongful use of this information, privacy liability will cover the resulting claims.

 

Network Security Liability- Coverage for a security breach to your network which results in damages to customers or third-party networks. A hacker infiltrating a system and spreading malicious content or disrupting/destroying networks and data will trigger coverage from network security liability.

 

Understand these cyber liability elements and the occurrences they cover to make an informed decision when designing the appropriate cyber liability policy for your business.

March 28, 2013

6 Reasons You Should Have Cyber Liability Insurance

“Insurance that protects you in case of a cyber attack may seem like something only large corporations would ever need, or could ever afford. But believe it or not, cyber liability insurance makes lots of sense for small companies as well. Here’s why:”

-From the article titled, ’6 Reasons Why You Should Have Cyber Liability Insurance’ By Minda Zetlin featured on www.inc.com Continue reading “6 Reasons You Should Have Cyber Liability Insurance” »

February 1, 2013

2012 Cyber Claims Survey

Betterley Risk Consultants’ in their 2012 Cyber/Privacy Insurance Market Survey reported that the average cost for crisis services (forensics, notification, call center, credit monitoring & legal counsel) was $983,000 per event!!! People tend to focus on the 3rd party liability portion of cyber insurance, however, most claims will involve costly crisis management expenses. Make sure to review BOTH 3rd party and 1st party coverage!

January 11, 2013

“Blunting the Cyber Threat to Business”-The Wall Street Journal

“When corporate managements fail to plan ahead for cyber-security, they are making a bad bet. When they do, they are taking an essential step to protect the interests of the company, its customers and its shareholders.”- Bernard R. Horowitz, from his article titled, ‘Blunting the Cyber Threat to Business’ in the Wall Street Journal, Thursday January 10th 2013. Continue reading ““Blunting the Cyber Threat to Business”-The Wall Street Journal” »

June 25, 2012

New York Times: “Companies tend to cut corners and leave themselves vulnerable to losses”

As more and more of our lives migrate online, and news of security breaches at large internet companies proliferates, now is a good time to assess the cyber insurance market to make sure you and/or your employer is properly protected against future attacks.

Continue reading “New York Times: “Companies tend to cut corners and leave themselves vulnerable to losses”” »