It is common to find inadequate cyber liability insurance policies. It is common to find businesses that think they are fully protected. Here’s how you can be confident in your cyber insurance coverage, find the best premium, and reduce your risks. EVERY WEEK, AT LEAST ONE BUSINESS CLAIM SURPASSES $1 MILLION* IDENTIFY EXPOSURE ROADMAP RISK MANAGEMENT OPTIMIZE CYBER COVERAGE HOW TO MAKE CYBER LIABILITY INSURANCE EASY The AME Group recommends FifthWall Solutions, a cyber insurance wholesaler fully dedicated to cyber liability and technology errors and omissions insurance (e & o).
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How to Find the Best Cyber Liability Insurance Quote
Do You Have Insurance Coverage Blind Spots?
The answer is YES, there are often “blind spots” in your business insurance policies. Due to the high incidence of ransomware attacks last year, insurance premiums have increased as much as 40% and polices may have limitations to further protect the insurer. Mind the Gaps in Your Insurance Policy Recently, our Strategic Advisor in Evansville, IN gave us a few tips to better understand insurance policies. You should ask the following questions about your business’ Cyber Liability Insurance policy. Does my insurance coverage have sublimits? A sublimit is the maximum
Top 6 Reasons for Cyber Insurance Claim Denials
If you think that your cyber insurance claim will be cleared with no questions asked, think again. Insurance claim denial has risen. While reviewing your claim, your cyber insurance provider will assess whether you took “due care” to protect your business from being compromised by a cyberattack. While having a cyber liability insurance policy is non-negotiable today, you cannot be fully assured that your insurer will cover any of the costs you incur following a security breach. Hidden in the fine print of your cyber insurance policy document are certain
The Cyber Liability Insurance Crisis
It reminds us of the time(s) home owner insurers dropped residents of Florida after multiple hurricanes. Insurance companies are trying to stay afloat after a huge increase in claims. The soaring cost of breach incidents are changing the way insurers do business. As a result, it’s changing the way YOU do business. Insurers are requiring more from businesses before offering them cyber liability insurance coverage. And the cost of cyber liability insurance is increasing dramatically. The Soaring Cost of Cyber Liability Insurance Have you tried to renew your cyber liability
Why Invest in Cyber Liability Insurance?
The COVID-19 pandemic has impacted everyone in one way or another. If there is one category that most benefited from the pandemic, it’s cybercrime. Cybercrime shot up by almost 300% since the start of the pandemic! Businesses are much more likely to be closed by cybercrime than fires and natural disasters. So, adopt measures to protect your business like having Cyber Liability #Insurance (CLI). Cyber Liability Insurance (CLI) covers the financial loss that results from cyber events such as data breaches. However, cyber liability is not typically included within general
Requirements Are Changing for Cyber Liability Insurance Policies
Businesses are reaching out weekly for help meeting the requirements to purchase cyber liability insurance. The AME Group recently hosted webinars with guests from the insurance industry who confirmed the reason for this change. They saw a handful of pre-requisite questionnaires in 2020, but now they get several every month. The length of the questionnaire has grown and now insurance carriers also want proof of your answers. Why the change in cyber insurance requirements? It’s a simple answer – $$$$$. Cybercrime has grown into a profitable business model. More security
5 Reasons Why Manufacturers Need Cyber Insurance
The AME Group collaborated with Evolve for a panel discussion on Cyber Liability Insurance for Manufacturing. Here what Jack Bowden with Evolve MGA says are the reasons manufacturers need cyber insurance. EXTORTION Your security is only as strong as the training of your employees. All it takes is one employee clicking on what appears to be an innocent link, but it’s actually malware. In seconds, your data is encrypted. Next, a hacker will contact you asking for a ransom ranging from a few thousand dollars to millions to decrypt the
Lessons Learned: Electrical Coop Cyberattack
When we think of cyberattacks on electrical coops, we think of taking down our electrical grid. Operational technologies are modernized for efficiency and safety, but your electrical coop’s greater cyberthreat is what plaques other industries and businesses – data theft, fraud, ransomware. Is your IT side keeping up with the criminal’s strategies? In a recent West Monroe survey, 67% of utility leaders cited cybersecurity as their top concern of their converged IT and OT network. What strengthens all businesses is talking about cybersecurity. The Colorado electric coop, DMEA, did just
How an IT Service Provider Can Simplify Budgeting
Do you find budgeting for IT challenging? If so, you aren’t alone. Here’s some tips to simplify your budget. While the IT budgeting process can be tricky for small businesses, it can be especially difficult for those trying to do it all by themselves. With so many aspects to consider, it can be tough to prioritize each and everything and still have funds left over for other crucial matters. One solution is to partner with an IT service provider like us. We can help you budget for all your IT
How to Budget for Your Business IT
Give yourself plenty of time to review your IT budget to ensure your business has the resources it needs to continue to grow and prosper in the coming year. Business now know technology cannot be an afterthought. You need to have a clear and well-defined Strategic Business IT Roadmap to reduce unanticipated technology issues that could cause trouble. IT BUDGET: Assess, Document and Plan As technology advances at a fast pace, routine technology refreshes become increasingly essential for any company hoping to stay successful. Rather than simply assuming you’ll need