Cyber insurance policies, also referred to as "cyber risk insurance" or "cyber liability insurance" coverage, are financial products that enable businesses to transfer the costs involved with recovery from a cyber-related security breach or similar events.

Typically, the most important aspect of cyber insurance will be network security coverage. This coverage will respond in the event of a network security failure – such as data breaches, malware, ransomware attacks and business account, and email compromises. However, the policy also will respond to liability claims and ancillary expenses of an attack or breach.

But there is an alarming trend: Businesses, including dealerships, either are seeing massive increases in cyber insurance coverage at renewal or, worse, being denied outright the coverage altogether. Why? The claims are too high, the premiums are too low, and businesses are not doing enough to protect themselves from cyber-attacks and hackers. 

 

Compliance, insurance, and IT experts from ComplyNet, Assured Partners, and Ntiva will host a 30-minute webinar Sept. 21 on the security mandates insurance companies are imposing. Join the webinar if you want to maintain protective cyber coverage. If you wait until renewal, it might be too late. Register today!