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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. 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!