Cyber Insurance is Growing

January 9, 2019

 

 

We came across a recent article in CNBC on the importance and growth of cyber liability insurance across the country.  We thought we would share some highlights from the article as it pertains to restoration contractors.

 

More and more companies are trying to protect themselves from attacks on their networks by purchasing cyber liability insurance.   The growth in this type of insurance highlights the growth and complexities of companies operating in a much more digital world.

 

While coverages differ by insurance company, most plans will at least provide coverage for revenue lost during a cyberattack, legals fees related to a breach and costs tied to fixing an exploited vulnerability.   Additionally, some plans will also cover the cost of a consumer data breach by paying for a credit monitoring service.

 

The CNBC article also mentioned a trend we have seen within the industry as well: As more company purchase cyber liability insurance, we have seen the cost of policies consistently decrease.

 

If you would like to find out more about cyber insurance and how it can protect your company, please feel free to contact our office.

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