Blogs

Hack Yourself First: Trends in Cyber Insurance for Small to Medium Enterprise.

Tech-based cyber risk solutions combined with insurance coverage improvements help agents improve close ratios. Almost six in 10 small and medium-size enterprises (SMEs) do not purchase any type of cyber insurance. Only 33% purchase stand-alone coverage. Less than 15% of SMEs are trust currently used cyber defenses to detect and respond to cyber-attacks with two-thirds of SMEs reporting a cyber attack during the last 12 months. Despite aggressive pricing and increasing risk, traditional cyber insurance solutions remain a tough pitch for agents. The good news for agents is new insurers are capitalizing on these market realities with technology driven, broker-friendly

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Top Reasons to Purchase Cyber Insurance

Having a hard time garnering interest in cyber insurance with your insureds? One thing to point out is that relative to other lines of business insurance, cyber insurance is inexpensive and easy to customize specifically to risks facing your insureds. Other pitch points include: Data is one of your most important assets yet it is not covered by standard property insurance policies Most businesses would agree that data or information is one of their most important assets. It is almost certainly worth many times more than the physical equipment that it is stored upon. Yet most business owners do not

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InfoSec Distribution of Cyber Insurance: Has the time come?

Has the time come? Cyber insurance is distributed by business insurance agents specializing in traditional commercial products such as property, general liability, workers’ compensation and employee benefits. Despite diminishing premiums and dramatically improved coverage forms, cyber insurance take-up rates remain very low for SMB’s (small to mid-sized buyers under $250M annual revenue). Can infosec channels more effectively provide comprehensive cyber cover to this highly vulnerable market? “The only thing missing from managed security services offerings is cost effective financing for isolated and possibly catastrophic client events.” Wrong buyers and wrong sellers? Market survey estimates suggest somewhere between 16% and 35%

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