Cyber related risks keep escalating for two (2) primary reasons; first increasing attacks, now estimated at over 177,000 daily last year according to Price Waterhouse Cooper’s 2014 report, and second, because of new laws and regulations increasing business liability. Examples include California’s new bill that requires one year of free credit monitoring to all customer victims of data breach.
While big companies like Target, Home Depot and JP Morgan get media headlines, companies of all sizes are exposed to serious cyber and IT security risks and need to insure against these exposures.
Learn more reading this October 2014 Business Insurance article (click here).
Underwriting cyber, IT and data security coverage is complex, as is writing and pricing (rating) associated captive policy contracts.
Captive Experts has significant related expertise having drafted associated policies and procedures for competing managers and for captives to follow and require of their insureds.