The more an insurance producer understands about cyber-related dangers that face clients, the better able that insurance producer is to help. From ransomware attacks, to breaches that trigger notification requirements under state security-breach laws, to increased vulnerabilities in the Internet of Things age, our insureds are at risk.
Cyber policies can help—and are as critical now to a business as property coverage and a general liability policy. It is important for insurance producers to understand the basics so they can help a client evaluate the coverage options.
- What are some of the exposures that businesses face?
- Helping our clients understand the problem is often the key to sell the policies that can be part of the solution.
- Why do the non-cyber policies that most clients buy not respond to cyber-related losses effectively?
- What type of coverage might a cyber policy include for losses such as damage to data and business interruption?
- How might a cyber policy respond to ransomware attacks, business-e-mail compromise schemes, and various types of digital crime?
- How can a security breach turn into a liability claim, and how might the cyber policy protect an insured?
- What coverage features and insurer services should a producer look for in a cyber policy?
Learn more about cyberexposures and cyber coverage
Are you comfortable discussing cyberexposures and coverages with your clients? If not, register for Cyber Liability–The 21st Century Peril, taught by Cathy Trischan, CPCU, CIC, CRM, AU, AAI, CRIS, ARM, MLIS, TRIP, on Tuesday, Feb. 1, 2022, from 9 a.m.-noon.
This online course is an opportunity for all PIA members to learn about cyberexposures and coverages. It has been approved for continuing-education credits in New Hampshire, and it has been submitted for approval in Connecticut and New York. To keep up-to-date on the CE-approval process, see the full PIA Northeast education schedule. For more information, or to register for this class, log on to the PIA Northeast education schedule.