We hear about cybercrimes constantly. Ransomware attacks, cyberextortion, identity fraud, phishing scams, malware; are all around us. With the increase of cyber activity in 2020 and 2021, cyber insurance, such as cyber liability, has become more critical.
CYBER LIABILITY INSURANCE EXPLAINED
You will find several resources on your YouTube channel regarding cyber insurance. I invite you to search under our ‘Cyber Risk” playlist, to find excellent videos and information about cyber exposures.
WHAT IS THE COST OF A CYBER INSURANCE POLICY
Cyber insurance policies were once very inexpensive. However, with the surge of cybercrime and resulting losses to insurance companies, prices are increasing. In some cases, we have witnessed increases of 20-25% at the policy renewal. And with the hardening market comes more difficult underwriting. In the past, an insurance company would happily provide a cyber insurance policy quote with a simple one to two-page application. In the current environment, the cyber insurance application expanded to four and five pages. And not only did the application become more expansive, but the questions, far more technical. In most cases, you will need involvement from your IT professional to complete the questions. On average, we find cyber insurance premiums to range from $1,700-$4,500 per year.
THE NEXT STEPS TO CYBER PROTECTION
Fusco Orsini & Associates represent the best group of cyber insurance companies in the marketplace. By filling out the form below, we will approach several cyber insurance programs on your behalf. Thank you for visiting us!