Trouble Closing Cyber Insurance Deals?

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Trouble Closing Cyber Insurance Deals?

The cyber security industry is broken. The industry sells over $80 billion of anti-viruss, firewalls, penetration tests, threat detection, consulting services and other products yet clients still get hacked[1].  Vendors aggressively sell security products based on hype as opposed to product efficacy.

Ask your client if the security products they purchase come with a return policy or warranty. Less than 3% of cyber security vendors provide warranties help a client financially recover from a failure of product performance.  In other words, if a security product fails and results in financial damage, your clients sole recourse is costly legal action.  More reason that a cyber insurance policy is a critical part of any business’ insurance portfolio and a great value given current market conditions. In fact, for most risks, cyber insurance premiums are less than 5% of total IT security spend.

As an example, a $200M manufacturer’s IT budget includes $500,000 for cyber security.  A well-crafted cyber policy cost around $10,000 for a $1,000,000 limit.  A relatively small price to pay for proven breach resources and loss cost financing.

Cyber Risk Underwriters is 100% focused on emerging risk insurance solutions.  We distribute products to retail insurance agents, CISO’s/CIO’s and via cyber security consultants, Managed Security Service Providers (MSSP’s) and Value-Added Resellers (VAR’s). Have any questions? Feel free to contact us here or call us at 866-292-3092 today!

[1] https://www.csoonline.com/article/3194829/security/the-pitfalls-of-cybersecurity-shopping-hype-and-shoddy-products.html

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