Insurance Market Update: Cyber Insurance

Most data breach insurance claims come from small to mid-sized businesses, and more than 60% of those businesses never recover from a data breach. If you process information like credit card numbers, health records, and contact information, your company is not immune to being attacked.

One common tactic we are seeing quite a bit is for a hacker to manipulate email addresses which can then be used to lure employees or customers into disclosing personal information.

Employees should not leave laptops unattended in coffee shops or airport lounges. Many understand the risk of an internet café but don’t often equate the dangers of using ANY unencrypted connections via public Wi-Fi hotspots.

Technology risks have evolved rapidly over the last number of years and are not covered by your Commercial General Liability policy. A cyber policy will help to cover that gap in coverage.

A cyber insurance policy can cost as little as $1,000 annually, whereas crisis response costs following a breach can easily tally in the hundreds of thousands. There are also legal costs and settlements to consider. Few events can be more damaging to your business than a full-scale data breach.

How J.T. Insurance Services Supports you in this Changing Market

We work for you, our client, and not the insurance company. Using our knowledge and leveraging our long-term relationships we will advocate on your behalf. We will not compromise your coverage and ensure the very best constructed insurance program with the most competitive rating. This includes casting the net as far as possible to leave no stone unturned.

By canvassing as many insurers as we can to secure the best placement, we will continue working diligently on behalf of our clients to mitigate risk as well as the impact of the current market conditions, securing the most favorable outcome in terms of coverage and pricing.

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We are starting your renewal process earlier to ensure we create competition on your behalf.

Our team is more than willing to discuss and review market conditions, update policy information and address any questions.

We will continue to monitor the market and ensure you are J.T Advised.

Additional Information

For more information regarding this topic, please contact your JT Adviser, or visit us at www.jtinsurance.com This material is for informational purposes and is not intended to be exhaustive nor should any discussions or opinions be construed as legal advice. Contact your broker for insurance advice, tax professional for tax advice, or legal counsel for legal advice regarding your particular situation. JT does not accept any responsibility for the content of the information provided or for consequences of any actions taken on the basis of the information provided.
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