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Navigating the Shifts: Understanding Cyber Liability Market Changes
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Good News & Bad News from the World of Cyber Attacks
- The Bad News:
- According to Reuters and the insurance industry, 75% of companies are prone to cyber attacks.
- Recent incidents like the AT&T breach, the CDK hack for car dealerships, and attacks on smaller companies highlight the growing risk.
- Hackers are becoming more relentless, sending out thousands of attempts daily to find vulnerable companies.
- The Odds of Getting Hit:
- Almost any company could be at risk, depending on how prolific the hackers are.
- Insurance Companies & Business Interruption Claims:
- Cyber liability insurance providers are facing an increase in business interruption (BI) claims.
- Some policies cover not only the cost of the hack but also losses from business interruptions, such as being shut down for weeks.
- Important Note:
- Ensure that if you purchase a cyber liability policy, it includes BI coverage, as many add-on policies do not.
- The Good News:
- Cyber insurance policies are becoming more affordable.
- Insurance companies now better understand the market, leading to reduced prices and more competition.
- Improved databases help insurers accurately price policies, attracting more providers to the market.
Need Help?
- If you have questions about cyber defense, insurance coverage, or active monitoring, feel free to reach out through the link below. We're here to assist you.
Explore More:
- Like this episode? Check out other videos on our channel for more helpful information on related topics.
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