Today, few organizations are immune to the risks associated with the internet and electronic commerce. Cyber risk is a very real risk that’s increasing along with today’s evolving technology. While cyber insurance has been around for a decade it has only evolved over the past few years and is still in its infancy. Cyber insurance is considered one of the more confusing, if not outright mystifying, lines of coverage available in today’s market.
Bloomberg recently reported on Peter Hancock, CEO, AIG discussing cyber risk:
“It’s a very real risk, and one that’s massively under-insured,” Hancock, said at a conference in New York held by National Underwriter. “Without greater awareness, there’s not much customer demand. Without much customer demand, the industry’s capacity is rather small. And without the large capacity, the customers say, ‘Why buy it?’”
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When exploring the purchase of a cyber insurance policy its important to work with a cyber insurance broker who specializes in cyber risk who can help your organization explore and understand the available coverages that vary considerably from insurer-to-insurer. With cyber risk being today’s top risk its important to explore your insurance coverage gaps and options. Contact us today for assistance.
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