The latest episode of the Ask Tim podcast looks at cyber liability insurance. Highlights of the episode:
- The Sony Playstation Network got seriously hacked last spring
- Someday, my kids will write nasty things about me because of the Christmas gifts I got them
- Standard Commercial General Liability and Commercial Crime insurance policies do not cover loss of data
- The cost of data breaches can vary from $750,000 to $31 million
- Cyber liability insurance is taking off, to the tune of $800 million in annual gross written premium in 2010
- The key areas to focus on when reviewing a cyber liability insurance policy are:
- Types of Coverage and Limits Available
- Coverage Provided
- Coverage Triggers
- Types of Data Covered
- Remediation Costs Covered
- Remediation Coverage Services
- IIABNY members who are interested in buying this coverage for their own agencies should contact Brian Bixby.
- I recommend The Betterley Report as a good source of information on this line of coverage
Download Ask Tim Episode #26 -- Cyber Liability Insurance
Great post Tim, love that technology! I've noticed a lot of advertising for Cyber Liability showing up at my blog and now I know why. Looks like it's big money for insurers.
Hey, if you ever want to branch out and do some guest blogging, I'd love to have your humor and knowledge appear at my business insurance blog. You'll find it at:
http://contractors-liability-insurance.org/
And thanks again for another great video!
Posted by: James Daniel | November 10, 2011 at 02:57 PM