CyberRisk-360 is The Coyle Group’s broader, more encompassing view (360 degree view) of cyber risk and insurance. Ten years ago cyber insurance was virtually unheard of, today it’s the number one risk on the minds of decision makers, risk managers, and business owners of all sizes.
Cyber Risk is unlike most other insurable risks your company faces. Take for example, property insurance – if you own your building or lease space you purchase property coverage to protect your building, your contents, and your business income (business interruption). The property policy is pretty standardized and once it’s purchased, most business owners stick the policy in a drawer and forget about it until the next renewal.
Cyber on the other hand is a non-standard form of coverage. It must be carefully structured to coordinate with other policy forms you may have, and endorsed properly to address unique exposures your company may have. On top of that, the risk is constantly evolving which means that you need ongoing training and education for your team to avoid being hacked or exposed.
Because of the ever evolving and emerging risks associated with Cyber, we felt it necessary to help support our clients in the defense of their networks, their information, and their systems. Whether it was a professional office exposure, or a web enabled manufacturing company, we feel that it's necessary to combine advanced risk management strategies, the support of outside vendor services, and cutting edge insurance solutions to protect clients.
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In this short video we explain how using the same password across all your internet portals or websites jeopardizes your security. This is focused on employees and can be a good resource
Download and use these guides to train your team on safe cyber practices:
NetDiligence is the insurance industry authority on Data Breach Claims.
Their Breach calculator provides an estimate of potential loss costs based on the number of client records breached during a cyber event, and the types of records breached. It's not intended to provide accurate or absolute estimate of costs, but does provide a good guide on what a business can expect to pay in the event of a cyber event.
It can be accessed here: NetDiligence Breach Calculator
How much does Cyber Insurance Cost?
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