Cyber Insurance Blog

Your business client receives an unexpected invoice via email, seemingly from a company with which they do business. They’re puzzled, thinking their accounts were settled. The dilemma? Whether to pay the invoice and clear their plate or question it further. It’s a scenario that happens far too often, and it’s a prime example of why educating your clients about the…

PCI Insurance: What Your Small Business Clients Need Small businesses in the US are attractive targets for cybercriminals because they often lack the security needed to prevent data breaches, particularly ones involving payment cards. In 2006, the three largest credit card companies—Visa, Mastercard, and American Express—established a set of rules called the Payment Card Industry Data Security Standard (PCI DSS).…

In a Calvin and Hobbes comic strip, a schoolyard bully demands Calvin pay 50 cents to be his friend—or else! Calvin wryly asks, “What’s a little extortion among friends?” In real life, no one laughs extortion off—especially not cyber extortion. Cyber extortion cases are on the rise. Digital bullies have grown more sophisticated, and greedier in their ransom demands. In…

As you (and likely your clients) have noticed, cyber insurance premiums are higher than ever. If you have been a broker in the cyber insurance market for some time, you have seen how the market has hardened over the past couple of years. There was a surplus of coverage, low premiums, and plenty of appetite from cyber carriers in the…

The foundation of any successful cybersecurity infrastructure is a thorough understanding of the risks an organization faces. Without this insight, it is virtually impossible to identify the most effective ways to reduce cyber exposure, and avoid the costly consequences of an attack. A cyber risk assessment is a critical tool for helping businesses identify their level of exposure, and the…

What costs do businesses have to bear after a ransomware attack, data breach, or other cybersecurity event? Expenses including legal fees, ransom paid to cyberattackers, and revenue lost during business interruption all come to mind. Forensic IT costs aren’t usually the headline expenses, but they’re also not insignificant. “Forensics can be a big component,” says Brian Thornton, President of ProWriters.…