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What Highly Targeted Industries Should Know About Their Cyber Insurance Coverage

Posted by Adrianne Vigueras on Oct 20, 2016 9:00:00 AM

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Cyber attacks and hacking is the newest foe businesses must deal with.  The World Wide Web and the rise of the Internet of Things has created a portal that allows hackers right into your business- it's as if they just walked through the front door!  

If the CIA, FBI and IRS can be hacked, so can your business.  How would you defend yourself against a cyber breach? Updating your security is a start, but current best practices also include backing up this plan with an insurance solution. This combination is the only true protection for your company.  

On Our Blog: 3 Ways Cyber Liability Improves Cybersecurity

Hoping your business is not on a hacker’s radar and assuming you will not be the next data breach will not fix the problem.  Obtaining information that will enable you to make a business decision is in your power.  

READ More: Intellectual Property Affecting The Energy Industry


What's The Consensus On The Risk Of Being Hacked For Energy Companies?

Cyber-attacks are something that has been reported on for years now, but most midsize companies feel they would never be a target... Think again! Mostly midsized companies have been hacked and unlike the whale-sized companies we always read about, they do not always survive.  Just the cost of notifying and the finanacial impact of any loss of clients can bankrupt a midsize company within a year.

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What Can These Companies Do To Protect Their Business From A Cyber Attack?

We at ECBM have been on the cutting edge of Cyber Liability and have over 40 years of experience dealing with large and high-risk industries.  This combination promises success in obtaining speedy access to funds and assistance that allows you to keep your business whole. Right from the start, with the development of a policy with your business in mind. 

  • Although insurance has been a tool to control costs of a breach it is not a panacea.   As you will note from the Sony case, all insurance coverage is not the same. 
  • If you do not have an agent who is familiar with the many nuances of the cyber insurance industry, you may be short changing your company.
  • We have been on the cutting edge of cyber insurance and can guide you in its purchase so that it will be germane to you company.

There are nearly a hundred Cyber policies out there, but there is no standard form.  You need an experienced professional to interpret them for your specific business.

Call us for an evaluation of your business and an overview of what can be done.

Get Your Cyber  Insurance Questions Answered Here


 Also contributing to this article is ECBM's Cyber Insurance Expert Charlie E. Bernier. More from Charlie here:

click to watch charlie e bernier cyber insurance video

 

Topics: Technology, pipeline, For Your Business, Energy & Environmental Risk, cyber security, Cyber Insurance