If you think all cyber insurance policies are the same, think again!
What may surprise you is that, unlike many other insurance policies you purchase, cyber policies don’t share any common policy forms. Each carrier custom tailors their insuring agreements that make up your policy. Technically, this is referred to as a “Named Perils” policy. The coverage only applies to what’s explicitly stated in the policy.
So why is this important? Many policyholders believe that when shopping for cyber insurance, as long as the limits match, the process is apples to apples. Unfortunately, that’s not the case. Policyholders (aka “insureds”) need to be hyper-aware that depending on the policy, coverage can change.
For example, cyber crime is often a reason for insureds to purchase coverage. Stories of Wire Transfer Fraud and ransomware are rampant for a good reason. According to the law firm BakerHostetler’s 2023 Data Security Incident Response Report (bit.ly/BakerHReport), the current year has experienced dramatically increased ransomware activity compared to 2022. Their research also has shown that ransomware accounts for 28% of all cyber incidents, with an average ransom payment of over $600,000 and significantly longer recovery times than in years past. Wire Transfer Fraud wasn’t far behind, accounting for 13% of incidents, with a median wire transfer loss of $97,044 and funds recovery on only 24% of all cases.
Read More
Topics:
Breach,
Cyber,
Ransomware,
Hack,
Data,
Spear Phishing
A growing number of businesses, organization and individuals are falling victim to internet fraud where they are tricked into directing payments to a cyber-criminal. What can you do to protect your business?
Read More
Topics:
Breach,
Cyber,
Ransomware,
Hacking,
Spear Phishing
How do you protect your business from the m
assive increases in cyber attacks? These attacks present themselves in various forms.
Read More
Topics:
Breach,
Cyber,
Ransomware,
Hack,
Hacking,
Data,
Risk Management
It seems that Cyber-Attacks and Ransomware incidents are in the news every day. Some experts are saying that it is not if, but rather when you are hacked. Having strong Data Security practices within your organization is the best way to prevent a breach. A comprehensive Cyber Insurance policy tailored to fit your needs is the best way to recover from a breach.
Read More
Topics:
Breach,
Cyber,
Ransomware,
Hacking,
Insurance,
Risk Management,
Claims
The stakes are higher than ever for cyber incidents and ransomware attacks.
The pandemic has increased the fear and uncertainty and led to behavioral changes for many of us throughout this last year.
Read More
Topics:
Breach,
Cyber,
Hack,
Data,
Risk Management,
Cities, Towns, Village
As cyber-attacks continue to escalate in frequency and severity, you can’t afford NOT to protect your business from data breach. Criminals are constantly working on new ways to hack into your computer systems, steal data and create chaos.
Read More
Topics:
Breach,
Cyber,
Ransomware,
Hack,
Hacking,
Data
