Cyber crimes and breaches are relatively new exposures to commercial insurance buyers. Unfortunately, for the insurance buyer, these terms and coverages are so new, that most business owners do not understand the exposures and the various coverages that are needed to protect their business. It is almost impossible to know all the ends and outs without an insurance professional.
Understanding cyber exposures and coverage can be difficult. Many insurance salespeople themselves do not understand the terminology and coverages. Some buyers are ending up with a coverage that does not cover much or has very little coverage. One coverage we often see missing is cybercrime. Sounds funny but most cyber coverage you see on a basic policy does not cover Ransomware and Phishing attacks. These two attacks are often the most predominant cyber-attacks hitting businesses.
Are you up to date on how these words affect you and your business? Don’t be caught off guard. Our agency has a new 5-week series called 5 Misconceptions About Cyber Insurance. The topics covered include several top questions we receive from clients regarding cyber insurance.
EVERY business needs a Cyber Insurance Policy, yes that includes Your business —- Hiring IT company support, having virus protection software, firewalls, and multi-factor authentication are all excellent strategies in preventing a cyber breach. However, none can guarantee 100% protection.
Schedule an appointment with Shropshire today, we’ll evaluate your risk and guide you in the management of your exposures to cybercrimes.