Understand that there are vast differences in the various
cyber insurance products currently available on the market, and make sure to tailor your coverage to the particular vulnerabilities faced by your business.
That's why at Armour Insurance we train our brokers to be able to identify your areas of risk and arm them with the best
cyber insurance product available in Canada.
Not exact matches
The
cyber insurance policy is the hottest
insurance product in the market, but it is untested for wide - range, catastrophic
cyber events, and many risk managers and security experts warn the days of low premiums and cover - everything policies are numbered.
Risk managers and researchers say the
cyber insurance policy, the industry's hottest
product, could be unsustainable in its current form.
«The small - business market was underserved until recently, but we've seen a huge increase in demand for our
cyber products driven by a critical mass of incidents happening very publicly to large companies,» says Tim Zeilman, vice president at Hartford Steam Boiler Inspection and
Insurance Company.
«We saw that [the internet] was a fundamental change in the way companies did business, and that it was going to create a fundamentally new type of risk,» says Robert Parisi,
cyber product leader at
insurance brokerage firm Marsh USA.
As well, many companies are not aware of gaps in «traditional»
insurance products that more specialty liability
insurance products (i.e. media and Internet liability,
cyber liability) are intended to catch, including breach of fiduciary duty to protect privacy of client information, content exposure (defamation, intellectual property), damages caused by virus, third party financial losses due to system downtime, costs associated with data breach notification following a
cyber attack / hack, etc..
The expertise of Pinsent Masons LLP's «highly experienced litigators» includes
cyber insurance, reinsurance, D&O matters, and warranty and indemnity claims; its strengths extend to professional indemnity disputes in the pensions sector and
product liability work.
For one thing, the
cyber market is still quite young compared to traditional
insurance products and so far, insurers have not had to pay out on big losses.
Segal McCambridge Singer & Mahoney is a litigation firm providing legal services to clients involved in complex
product liability, toxic tort, commercial, employment,
insurance, construction, environmental, professional liability, transportation, warranty, and technology and
cyber risk matters.
CUNA offers
products that provide coverage for the unique risks faced by credit unions, including bonds, business auto policies, collateral protection,
cyber incident protection, litigation coverage, mortgage
insurance, credit card fraud, property and business liability, risk management tools, and workers compensation.
Their commercial
insurance products, obtained through various carriers, include but are not limited to: general liability, property, umbrella, commercial auto, workers» compensation, New York disability, directors and officers, employment practices liability, professional liability and
cyber liability.
I know how easy and useful it is to get a free online quote, compare
products and read other clients» testimonials (I have a very successful website of my own), but an online
insurance agent seems to me going a bit too far into
cyber reality...
In October, CoverHound also started offering
cyber insurance bundled with cybersecurity
products online, with the launch of a separate CyberPolicy.com site.
We're thrilled that
insurance industry leaders recognize that Apple
products provide superior
cyber protection, and that we have the opportunity to help make enhanced
cyber insurance more accessible to our customers,» he added.
Apple and Cisco announced this morning a new deal with insurer Allianz that will allow businesses with their technology
products to receive better terms on their
cyber insurance coverage, including lower deductibles — or even no deductibles, in some cases.
In addition to
cyber insurance, ask your agent about social engineering endorsements and crime riders, as each of these
products offers a different kind of coverage.