2. NO BUSINESS INTERRUPTION: If your
computer systems are shut down for a period of time
due to an attack, business interruption for the down
time is not covered by standard insurance.
3. TARGETING SMALL BUSINESSES: We all hear
from the press about attacks on major corporations
but lately 40 percent of all attacks are aimed at
smaller entities that usually have less technology to
protect them from attack.
4. EXPOSURE FROM EMPLOYEES: 20 percent of
attacks are undertaken by ex-employees.
5. PENALTIES AND FINES: Nearly every
organization faces major penalties in the event of
an attack, especially if the personally identifiable
information of customers is exposed including
medical records and credit card information.
6. REPUTATIONAL RISK: Reputation is one of a
company’s major assets and technology can increase
exposures to reputational risk. In the event of a
cyber breach insurers are able to help minimize
damage to company brands and reputation harm
and will manage the notification process and
payment of various fines and penalties imposed by
federal, state and local authorities.
12
KAIA Member Cyber Class/Designation
Want to learn more about cyber coverage and
the exposures facing your customers? How
about a cyber designation? Checkout this
on-demand class available through the KAIA
Agents and Brokers Education (ABEN):
CYBER INSURANCE – TRAINING FOR
AGENTS AND BROKERS:
This course addresses known types of cyber
loss; risk identification and measurement; 1st
party, 3rd party, breach response & mitigation;
privacy and statutory requirements; risk
management & prevention; cyber risk policy
considerations; cyber insurance policies. The
course provides knowledge and guidance on
incorporating cyber risk insurance into every
commercial insurance proposal. While not
required, attendees can take a test and acquire
the “cyRM” Cyber Risk Manager Designation.
Visit kaia.aben.tv and search “cyber.”
KANSAS INSURANCE AGENT & BROKER | September - October 2017 |