Cyber Risk and Privacy coverage is something very unique and distinctive. This type of coverage is designed to meet the needs of arguably ALL commercial businesses and non-business organizations. High-tech or low-tech, large or small, all organizations have at least some exposure to cyber and privacy risk. Cyber Risk and Privacy insurance is a critical part of any risk management strategy.
Why so unique, special and BIG? In today’s wired world, cyber-attacks on organizations are increasingly common and rising steadily. Today’s cyber-attacks have changed radically over the last few years, from those annoying yet nondestructive mischief attacks, to current-day attacks that are stealthy, advanced, and targeted. These advanced cyber-attacks, more often than not, target small and midsize businesses (SMBs) and are focused on acquiring data with real monetary value. Valuable data such as sensitive personal information, intellectual property, authentication credentials, or insider information can be obtained several ways; a compromised website, infected email, or good old fashioned blunt-force hacking. Whatever the method, these cyber breaches result in monetary losses and can cause incalculable damage to a company’s reputation.
The Perfect Storm! The alignment of enormous public concern over data breaches, continually evolving efforts by hackers and cyber-criminal syndicates, the challenge of containing cyber risks, the difficulty in measuring the true risk, and governmental regulatory action makes a Cyber & Technology practice critically important for agencies of all sizes.
Developing a true and fully functional Cyber & Technology Risk practice in the organization. The objective is to create a repeatable process that addresses the sophisticated cyber and technology coverage needs analysis of current clients and prospects by developing the knowledge, skills, and procedures to clearly define how to uncover key issues and concerns in order to properly align efforts with what needs to be accomplished from a coverage perspective. The process gives prospects and clients the ability to view exposures in a collaborative way while giving the team a common vocabulary and method to aggressively move issues through the risk assessment process.
- Cyber “Creating a working definition of Loss Exposures and Common Coverage”
- Cyber Threat created by the “Bad Guys”
- Who – Objectives – Tactics – Technology – Target
- Specific Cyber Exposures (The Big 5)
- Understanding Standard Cyber Loss Control
- Technology – Technique – Training – Terminology
- Underwriting Cyber – Classification – Rating Base – Modification Factors
- Insuring Agreements (The Wild West)
- Cyber Coverage Exclusions
- Common Client Objections and “The Close”