Cyber Risk Insurance Solutions
Data breach has become a buzz word for engaging in insurance conversations about products geared to address data breach and information security loss exposures. While the conversation is important it is missing the point if it is limited to data breach losses, particularly if conversation leads one to believe that their business does not need to make a cyber risk insurance solution a priority.
Is Your Organization Exposed to Cyber Risk?
Every business that uses a computer, in any form (laptops, PCs, servers, tablets, phones, etc.) has an exposure to one or many cyber risks. In addition, creating, manipulating, communicating and storing information and intellectual property adds another dimension to a business’s risk exposure. Which includes but is not limited to:
- Ransomware Attacks
- Social Engineering Fraud
- Malware and Hacking Events
- Data Breach
Any of these items can lead to financial losses of varying magnitudes such as:
- Direct and Indirect Business Interruptions
- Forensic Expenses
- Regulatory Fines & Penalties
- Reputation Damage
- Notification Costs
- Data Restoration
- Physical to Loss to Tangible Property
- Liability to Directors & Officers
- Liability to Customers, Clients and Other Parties
In many instances, a business may believe that it is immune to these losses based upon the way they transact business or the specific loss control measures that they have implemented. Unfortunately, many businesses have found their beliefs challenged in the wake of evolving digital attacks with emphasis on social engineering which continues to disrupt even well-prepared organizations.
Designers, Manufacturers and Distributors of Internet Connected Products
If your organization designs, manufactures and or distributes Internet Connected Products then additional concerns related to Cyber Risks need to be addressed:
- Products Liability
- Product Recall
- Design Errors & Omissions
- Manufacturing Errors & Omissions
- Supply Risk Management
Addressing Various Types of Cyber Risk Through Insurance
The single most important aspect for addressing cyber risk through insurance is a complete understanding of the risk faced by your business along with a broad and deep knowledge of the insurance, technology and process/policy solutions, both traditional and evolving, that are available to create a sound risk management program.
Please contact James J Venezia, CPCU to continue this conversation and develop an appropriate cyber risk insurance program to address your business needs. Jim’s contact information follows:
James J Venezia, CPCU | Phone – 908-507-7126 | Email – Jvenezia@phxins.net