As we approach the new year, the critical cyber issues of 2020 show no signs of abating. From buying cyber insurance to dealing with ransomware or staying on top of privacy issues, being prepared with facts and guidance will ensure a successful renewal and help you manage your risk.
To help you do that, here are some of the highlights of the Cyber Notebook that will serve you well in the coming year.
Cyber Liability Insurance Resources
New cyber threats continue to emerge nearly daily, hitting every size organization from small businesses to the federal government. Those who aren’t thinking about cyber liability and how to address it may be forced to handle a problem when they least expect it. For a new buyer of cyber coverage, the assessment and buying process can be intimidating. To help, we have produced a Cyber Liability Insurance Buying Guide.
Ransomware is not a new issue. As far back as 1989, companies started seeing malicious actors infecting their networks with malware and demanding a ransom payment to reverse the effects.
The issue was exacerbated as encryption technology improved and cryptocurrencies entered the picture, providing the attackers a secure and anonymous method of getting paid. 2020 is likely to finish as one of the most devastating years of ransomware losses globally, and attackers are getting even more bold as we enter 2021.
For years, we at Woodruff Sawyer have talked about how nearly every company—large, small, in healthcare, technology, manufacturing, and more—has a cyber risk. And almost every day now, we learn about yet another cyber security incident.
This trend will continue through 2021 and is exacerbated by cybercriminals taking advantage of the pandemic. But you can mitigate your risk by properly understanding and securing cyber insurance, the basics of which you can learn here.
As insurance brokers in cyber liability, one of the most common questions we hear is, “How much limit should I buy?” Often, the quick follow-up question is “What do my peers buy?” While this may seem like a sensible way to choose limits, as there is comfort in keeping up with your peers, it’s actually not the best way for a client to determine their ideal limit.
Simply put, if you’re asking that very question—”What do my peers buy?”—we think you’re asking the wrong one. In this article, you’ll learn why and instead receive the answer to what we think is the right question.
Silent cyber risks refer to cyber-related losses that can be incurred via traditional property and liability policies that do not specifically cover damages caused by cyber attacks. The policies do not reference cyber risk in any way—either affirming or excluding coverage—thus remain “silent” as to the exposure.
This “silent cyber” uncertainty is one that has forced both insurance carriers and buyers to take extra precautions regarding their portfolio of insurance policies. Beginning in 2021, many insurance carriers will add exclusions to traditional insurance policies for cyber risks.
Explore this article to learn about Silent Cyber as well as how it affects the coverage afforded to companies throughout their insurance portfolio, especially as exclusions start showing up on your policies in the coming year.
Woodruff Sawyer’s top experts come together to discuss how your property & casualty, cyber liability, and management liability policies may respond to Coronavirus claims.
A Professional Prospective – Jared Pelissier and Dan Burke
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