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Business leaders are hardwired to reduce risk and limit exposure. One precaution receiving increased executive scrutiny is cyber insurance (CI). The concept is still relatively new and the industry is rapidly evolving, so questions about costs, coverage and even necessity remain fairly common. Consider these trends:
1) The number of CI policies written is increasing every year; the value of premiums paid in 2019 is around $2.5B.
2) Total cyber claims grew 39% from 2017 to 2018, however, average payouts have been decreasing since 2012.
3) In 2020, factors affecting your premium will include the underwriter’s assessment of your firm’s: security training protocols, loss history, types of data collected/stored, and system vulnerabilities.
4) Despite other advances, the industry has still yet standardized coverage, so terminology may be inconsistent and confusing.
5) You can get data breach protection, which covers your costs when data you hold is attacked; and/or cyber liability coverage, which offsets costs when you’re accused of causing or allowing a cyber incident.
Consulting with an IT managed services provider (MSP) on a well-thought-out business continuity plan is a good first step.
Note: TeamLogicIT – Myrtle Beach will present a free lunch n’ learn for your staff and/or your clients to raise their awareness of recognizing phishing attacks and how to avoid them. Call 803-232-9200 to schedule.
From user end-points such as laptops, desktops and smartphones to servers, virtualization, cloud computing and IT optimization - TeamLogic IT covers your entire network both onsite and off premise so your data is there for you, when you need it. Their managed IT services are provided by an engineering team that is not only highly skilled, but constantly upgrading their own certifications in the dynamic and ever-changing technology field to better serve you. To learn how TeamLogic IT can help your business, visit teamlogicit.com/MyrtleBeachSC or call 803-232-9200
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