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In this day and age where technology has become a staple in our lifestyle and our professions, it’s always good to be prepared against cyber crime. Cyber liability is an important issue in 2018; the average cost of cybercrime in the United States amounted to $17.36 million in 2016, according to Statista, and this number grows with each passing year. With cyber insurance premiums estimated to be over $7.5 billion by 2020, cyber security is here for the long haul, and Cyber Liability Insurance will be a key coverage to offer.
According to a 2018 Aon Cyber Solutions predictions report, these are the most prominent cyber liabilities for 2018, and we encourage you to share these with your clients.
- Businesses get Solo Cyber Insurance Policies as Boards and Executives Realize the Effects of Cyber Liability – Aon predicts that things will change as cyber security becomes more prominent, resulting in people investing more into being protected. Companies will adopt policies to help combat against all types of cyber liability. Cyber attacks impact multiple industries including retail, manufacturing, oil and gas, financial, healthcare and more.
- While Physical and Cyber Worlds Mold Together, More Will Pay Attention to Cyber Liabilities – Aon predicts that sophisticated cyber attacks will create real-world consequences that will impact business operations on a big scale, causing more businesses to become wary of cyber liability. Other forms of cyber liability include business reward programs and ransomware.
- Having The Right Password and Multi-Authentication is More Important Than Ever – With password hacking one of the most prominent forms of cyber liability to date, it’s important for users to stay in the know. Consistently updating passwords is key to staying protected. One way to protect from this form of cyber liability is through the multi-authentication process, adopted by many companies, including Apple and Google. Companies are implementing many ways to authenticate, including fingerprints and facial recognition. Behavioral biometrics are going to be a sure thing in the future in order to stay up-to-date and safe, according to Insurance Journal.
Cyber liabilities impact every business, small or large. Mavon Insurance has the expertise to cover your clients’ special needs, including cyber crime, and we are happy to help you to tailor your coverage to your clients’ specific exposures.
About Mavon Insurance
At Mavon Insurance, we pride ourselves on our unique approach to insurance. We focus on integrity, communication, professionalism, respect and gratitude to help our clients succeed and place business in specialized markets. For more information about our products, or to become an agent, contact us today at (877) 426-2866.