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Is an Invasion Covered Under a Commercial InsurancePolicy? appeared first on Property Insurance Coverage Law Blog. where I gave a short explanation of the day: Tampas Mayor refused to hand over the keys to the city on Tuesday to … The post Pirates Invade Tampa!
Security leaders should be exercising every available option to upgrade their security posture, and cyberinsurancepolicies could make or break the resiliency for many organizations across nearly all industries — K-12 education, retail, healthcare, manufacturing and more. Just last …
billion, modeling and insurance services firm Parametrix estimates. The portion of the loss covered under cyberinsurancepolicies … The total direct financial loss facing the US Fortune 500 companies, excluding Microsoft, from the CrowdStrike outage on July 19 is $5.4
the Bermuda-based specialty re/insurer, announced the launch of an insurancepolicy that offers customizable cyber and specialist liability coverage to companies in Canada with up to C$2 billion (US$1.5 The AXIS Cyber Technology … AXIS Capital Holdings Ltd., billion) in revenue.
Chaucer has launched a new nuclear insurancepolicy that provides nuclear power plants (NPP) with insurance cover for cyberattacks. Called CyNuC, the malicious act cyberinsurancepolicy was developed specifically by Chaucer’s Lloyd’s Syndicate 1176 in conjunction with the insurer’s …
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As cyber threats grow in frequency and sophistication, businesses need to prioritize staying safe in this evolving threat landscape. At Cowbell, we believe Internet Safety Month is the perfect opportunity to review and reinforce your organizations cybersecurity posture and build long-term cyber resilience. What Is Cyber Resilience?
As war is driving cyber security concerns around the globe, more organizations are turning to CyberInsurance for protection. But these policies may not always offer the levels of protection purchasers think they do. CyberInsurance war exclusions can leave businesses vulnerable to financial loss.
When you think about the constantly evolving nature of cyber attacks , you may think about threat actors using AI to find and exploit new vulnerabilities in software and networks. Yet one recent cyber threat takes advantage of peoples trust in the post office. Many people perceive physical mail as more trustworthy than cyber mail.
As cyber threats become more advanceddriven by AI innovations and intensified by geopolitical tensionsorganizations of all sizes must rethink how they protect themselves. At Cowbell, weve long believed that prevention is better than cure , and we strive to deliver more than just an insurancepolicy to fall back on.
Cyber threats continue to challenge individuals, countries, and companies in today’s digitally interconnected world. Have your business clients assessed their cyber risk recently and obtained adequate Cyber Liability Insurance? And some of these conflicts pose cyber security threats.
As an insurance broker, you likely recognize that while these technologies drive business operations, they also increase vulnerability to cyber crime, making CyberInsurance a necessity for your clients. Helping your clients understand cyber risks and CyberInsurancepolicy jargon can be challenging.
Healthcare cyber attacks and data breaches have risen in recent years, according to The HIPAA Journal. In February 2024, Change Healthcare, whose technology powers the processing of some 15 billion medical bills and insurance claims a year, suffered a ransomware attack. Several major breaches have made headlines.
From property protection to liability coverage, ensuring your business insurancepolicies align with your expansion is critical. Review and Update Your Business Insurance Coverage Expanding to a new location changes your businesss risk exposure. If customers, vendors, or visitors will be on-site, this policy is essential.
Computer desk with office equipment by Lisa from Pexels Running a business comes with plenty of challenges, and insurance is one area where mistakes can be costly. From underinsuring key assets to misunderstanding policy exclusions, commercial insurance missteps can leave your business exposed to financial loss.
As a CyberInsurance broker, you need to help your business clients understand the dangers ransomware poses, how to defend against them, and why CyberInsurance is an indispensable part of any sound security strategy. UnitedHealth, which owns Change Healthcare, paid a $22 million ransom in Bitcoin to the cyber criminals.
While you may have the basic insurancepolicies in place, such as property and general liability insurance, there are several other essential insurancepolicies that you might be overlooking. That’s why it’s crucial to consider other insurancepolicies to protect your business comprehensively.
Ensuring your business has the right insurancepolicies is not just a smart decision—it’s essential for long-term success. Here are the top 6 insurancepolicies every IT business in California should have to safeguard their operations. One oversight could lead to costly lawsuits.
Cyber criminals stole and resold more than 900 digital tickets between June 2022 and July 2023. The theft of these high-profile, high-priced tickets highlights online ticketing platforms’ need for Cyber Liability Insurance. Even so, incidents like these highlight platforms need to have CyberInsurance in place.
Ransomware, phishing attempts, and AI-generated fraud, cyber risks are evolving faster than most people and organizations can keep up. Learn more about digital risks in 2025 and how agents and brokers can help policyholders manage these exposures with cyberinsurance. Review cyber risks and digital exposures at renewals.
A Managing General Agent (MGA) is a specialized type of insurance intermediary that has underwriting authority granted by an insurer. Unlike agents or brokers, MGAs can bind coverage, price policies, and handle claims they essentially act as an extension of an insurer. MGAs operate as an extension of specific insurers.
A recent settlement filed by the Federal Trade Commission (FTC) and GoodRx may merit a review of your cyberinsurance coverages. A comprehensive cyberpolicy covers attorneys’ fees and costs associated with formal regulatory or administrative investigations, including any resulting in penalties or fines.
In an era where data is as valuable as currency, the risk of cyber threats looms more significant than ever, particularly for technology companies. CyberInsurance, encompassing Data Breach and Cyber Liability coverage, is no longer optional but a critical component of a comprehensive risk management strategy.
Cyber Monday is the appointed day when people frantically shop online for the best deals in time for the holidays. According to Adobe’s yearly shopping insights report, retailers reported a whopping $12 billion in overall revenue on Cyber Monday versus Black Friday’s $9.8 billion in 2023. billion in 2023.
As cyberattacks become increasingly prevalent worldwide, it’s crucial for business owners and commercial investors in Plano, TX, to consider cyber liability insurance. Some cyber liability insurancepolicies also provide mitigation support when tackling negative publicity.
Contractors in the construction industry are not immune to cyber attacks. Ransomware attacks, phishing scams, and other types of cyber attacks can result in data breaches and other incidents that cause financial loss, reputational harm, and legal consequences. CyberInsurance for contractors is an essential safety net.
Key Components of Office Insurance Office insurance is not a one-size-fits-all policy. Here are some key components typically included: – Property Insurance : Protects the physical premises and its contents from damage or loss due to incidents like fire, flood, or vandalism.
Image courtesy: Unsplash Definition and Overview Commercial property insurance is a type of insurance designed to protect your business premises and the contents within from loss or damage. This type of policy covers a wide array of potential hazards, including fire, theft, vandalism, and certain natural disasters.
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General liability insurance is the most regularly purchased insurancepolicy among small businesses. That’s why cyber is tricky. Below, we’ll help you make the “bang for your buck” case for any cyber-resistant clients. It’s a newer risk that exists behind screens, not wet floor signs.
As cyberinsurers move upmarket, they are increasingly encountering prospects that either already have or are considering purchasing an enterprise software license like the Microsoft E5 license. Enterprise software licenses can provide extensive security functionality, but the implications of this for insurers are multifaceted.
AI-powered systems often rely on vast amounts of data, making businesses more vulnerable to cyber threats. Cyber liability insurance , once considered a specialized coverage, is becoming an essential policy for businesses that use AI to store sensitive information or automate critical tasks.
Concerns about escalating cyber activity around the crisis are a vivid reminder of the importance of knowing your threat model and adjusting your risk management priorities accordingly. That is not to say that there is necessarily cause for panic, simply that the effects of cyber conflict can be unexpected, widespread and potentially severe.
Indeed, 2023 saw the most reported cyber security breaches in healthcare (725) and the most breached records (more than 133 million). Help Your Clients Respond to and Reduce Their Risk of HIPAA Breaches Knowing how to respond to healthcare data breaches is crucial, especially breaches occurring due to cyber crime.
Agents can help by reviewing auto policies with clients to ensure limits are sufficient and that policyholders understand the conditions and exclusions on their policies. Agents can educate business clients about their commercial policy and any exclusions for seasonal summer help. Losses from summer activities.
Stay on top of insurance industry trends and share relevant updates with your audience. For example, if a new type of cyberinsurancepolicy gains traction, explain how it could benefit your clients. Leverage Visual Content for Complex Topics Insurance can be a complex subject, but visuals make it more digestible.
Whether your company experienced growth, faced new challenges, or maintained steady operations, your insurance needs may have changed. Taking the time to review and update your policies now can save you from unexpected headaches and ensure your business is ready for whatever comes next.
Read now » Related Content CyberInsurance, Related Coverage Litigation, and Insurance Coverage for Data Breach Risk Examine issues related to obtaining insurance coverage specific to data breach risks. Cybersecurity Insurance Analyze types of risk to an enterprise that may be covered by cybersecurity insurance.
Insurancepolicies such as property, liability, and professional indemnity can provide a crucial safety net, making it essential for businesses of all sizes. Understanding these specific terms and conditions is critical for effectively leveraging this insurance. However, the reality is starkly different.
Knowing who is ultimately responsible for these breaches can create enormous headaches and leave business owners uncertain of whether they have a liability, and whether that will be covered by insurance.
The Rise of CyberInsurance As cyber threats become more sophisticated and frequent, the demand for cyberinsurance has skyrocketed. In 2024, expect cyberinsurancepolicies to become more comprehensive and tailored.
You can choose from a range of policies that include basic coverage to keep costs down. So, there’s a policy out there to suit just about every budget. Long-term Financial Benefits While the upfront cost of commercial insurance might seem high, consider the long-term savings and financial security it provides.
companies faced the risk of a significant cyber attack. Analysts project cyber crime to cost the U.S. For most companies, a cyber breach isn’t a question of if but when. As a CyberInsurance broker, you can learn from their mistakes to help protect your clients. trillion by 2028.
Introduction When it comes to safeguarding your business, selecting the right insurancepolicy is crucial. It can be quite a daunting task with so many options out there, and understanding each policy’s intricacies is essential for your peace of mind and financial wellbeing. What is your budget for business insurance?
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