Top Insurer Notes Fastest Growing Business in Industry
As an insurance agent or broker, it’s important to know what markets and businesses are in the highest demand. With the numerous high-profile cases that have taken place in the past year; Target, JP Morgan, Home Depot, etc. it should come as no surprise that insurers are seeing a spike in cyber business. In fact, in a recent article published by The Hill, CEO Inga Beale of top insurer Lloyd’s of London called cyber risk “the most serious threat to businesses and national economies.”
Privacy and Network Security Insurance, or Cyber Liability Insurance, is absolute must-have coverage for both small and large businesses to protect against this consistently growing exposure. No matter what the business, there are various types of cyber-attacks. These attacks include; Point-of-Sale (POS) Intrusion, Web Application Attacks, Insider Misuse, Physical Theft and Loss, Errors, Crimeware, Payment Card Skimmers, Cyber-Espionage, and Denial-of-Service (DOS) Attacks. It’s no secret that cyber-attacks and data breaches can come at anytime, from anywhere, for any reason.
According to The Hill article, the recent data breaches we’ve seen in headlines have put businesses on edge, naturally leading them to seek security in insurance coverage. Experts have been predicting growth in this insurance business for several years, as hackers around the world become more sophisticated. Cyber underwriting manager at Lloyd’s Geoff White noted that the number of insurance submissions in the cyber market rose by 50% in the first three months of the year compared with the same period in 2014.
In addition to a robust Professional Liability policy and appropriate cyber coverage, businesses should also have an Incident Response Plan in place if a breach does occur. At PLRisk Advisors, we understand the significant cyber risks faced by business owners. With our comprehensive Privacy and Network Security Insurance, we provide coverage for all classes of business, including hard-to-place risks. Please contact us today to learn more at (855) 403-5982.