Category Archives: Cyber Liability Insurance

We can help you becomes compliant with cyber liability insurance requirements to reduce your premiums and better protect your business from disasters.

You can also find educational articles about the current state of insurance like these – just search “insurance” on our blog page.

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If you think that your cyber insurance claim will be cleared with no questions asked, think again. Insurance claim denial has risen.

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.

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 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.

The AME Group recommends FifthWall Solutions for Cyber Liability Insurance Reviews

How to Find the Best Cyber Liability Insurance Quote

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).

Lessons Learned: Electric coop cyberattack - it took 17 minutes from entry to encryption of systems and ransom

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

Mind the Gap Insurance Policy Blind Spots The AME Group

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

Business Email Compromise is Your Biggest Treat

Business Email Compromise is Your Biggest Threat

What is Business Email Compromise? In a Business Email Compromise is also know as a BEC scam, or email account compromise (EAC). It’s when criminals send an email message that appears to come from a known source making a legitimate request. Every week this month we’ve assisted a business with a breach caused by stolen email credentials. It is by far the most lucrative attack for cybercriminals. Businesses need to start taking cybersecurity more seriously, as one government agency is warning that ignorance of best practices can lead to “catastrophic

What is Driving Compliance

What is Driving Business Compliance?

There’s a long list of compliance requirements for businesses. PCI and HIPAA compliance are long-standing regulations that have driven credit card acceptance and healthcare entities for decades. Some that have tried to improve the security posture of impacted businesses, like CMMC with manufacturers, but have struggled to gain implementation and adoption. So, what is the strongest driver of compliance for your business today? Insurance and Supply Chain. Insurers are Driving Compliance Cyber Liability Insurance has been around quite a while, but due to the significant increase in breach incidents, they

Top 6 Reasons Why Your Cyber Insurer May Deny Your Claim

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

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

Many Things can Destroy your Business

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

What are Your Risking with Non-Compliance?

What are You Risking with Non-Compliance?

One of the many challenges you probably face as a business owner is dealing with the vague requirements present in HIPAA and PCI-DSS legislation. Due to the unclear regulatory messaging, “assuming” rather than “knowing” can land your organization in hot water with regulators. Are you taking a risk? Do you know if you are non-compliant? The Health and Human Services (HSS) Office for Civil Rights receives over 1,000 complaints and notifications of HIPAA violations every year.1 When it comes to PCI-DSS, close to 70% of businesses are non-compliant.2 While you