Cyber Insurance Blog

Buying Business Owners Policy coverages is a convenient, cost-effective way small businesses manage their risk. A Business Owners Policy (BOP) combines coverage for major property and liability risks. It costs less than buying each insurance coverage separately, and purchasers can often add additional coverages, which may yield more savings. But, there is a hidden downside that small business owners need…

“If it bleeds, it leads.” News media seem to follow this cliché when covering businesses’ cyber incident responses as much as when covering crime or traffic accidents. When large companies “bleed” millions of dollars paying a ransomware demand or recovering from a data breach, the cyber security incident makes headlines. But that coverage can leave the mistaken impression that small…

Specialists and Cyber Insurance Brokers: Why They’re So Important Do you know the top markets for a large retailer vs. a small hospital vs. a utility provider? Are you up to date with the cyber risks associated with bodily injury and property damage exposure affecting companies like biomedical firms that manufacture implanted devices? Do you know what coverage enhancements to…

Cyber attacks have become a concern for everyone. During the first half of 2021 alone, hackers compromised a whopping 18.8 billion records. While we only hear about headline-making breaches, it’s the everyday incidents that put money into hackers’ pockets. Understanding and implementing cyber security best practices is now a requirement for any organization. For those not already in the industry,…

What is Directors and Officers Coverage? Individuals on a company’s or an organization’s board are accountable for acting in the company’s or its clients’ best interests. This responsibility is called fiduciary duty. When it’s breached, individuals can be held personally liable for defense and settlement costs. Directors and Officers (D&O) Insurance is a liability policy covering the board of directors,…

Ransomware is one of the fastest-growing cybersecurity threats. Globally, more than 68% of organizations were victimized by such attacks in 2021. In ransomware attacks, hackers seize computer systems and encrypt files until the owner pays up. In 2021, victims paid, on average, a ransom of $170,404, according to cybersecurity firm Sophos. The most common ransom amount was $10,000. The highest…