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Part 3: Businesses that should consider Cyber Insurance
Jeff Ryan
April 17, 2023
Final article of a 3 part series
Businesses of many types should consider transferring the risk of loss to a Cyber event if they:
- Digital Way of Business: Rely on the internet or digital data to operate
- Store Non-Public Information: Store sensitive customer or employee information such as Social Security numbers, medical records or other financial information.
- Process Online Transactions: Those involved in frequent e-commerce or online transactions.
- Cloud-Based Dependencies: Businesses heavily depend on cloud computing platforms.
- Online Service Providers: Such as social media and software-as-a-service (SaaS) providers.
- Regulatory Requirements: Many businesses are under compliance regulations from various government concerns.
- Reputational Dependency: Any business heavily dependent on its online reputation.
Classes of business that fall under the exposures listed above include but are not limited to:
- Healthcare: Hospitals, clinics, private practioners, pharmacies
- Finance: Banks, insurance companies and agencies, investment firms
- Retail: businesses that process customer payments and/or store their personal information.
- Technology: Software, cloud computing and other technological companies that have complex IT requirements.
- Hospitality: Hotels, restaurants, travel agents, and other businesses that store guests, vendor or employee information.
- Education: Schools, universities, colleges that store sensitive student information.
- Manufacturing: That use the internet and complex computer systems to operate.
- Non-Profits and Charities: That collect and store donor information and manage sensitive information consistent with their operation.
The list of companies and classes of business that
don’t have a cyber exposure in today’s day and age is shorter than those that do.
A discussion with a knowledgeable agent on the types of exposures your business might face and the potential solutions available is one of the most important considerations in today’s business environment. Consider us a partner in the effort to transfer your Cyber risk of loss.
This article may have been originally published at Quora.com.
To see Jeff's Quora.com profile click here.
“Am I covered if I drive someone else’s car?” Or, “Am I covered if someone else drives mine?”
Many don’t realize that the insurance industry is one of the country's most regulated business segments, especially in New York State. The New York State Department of Financial Services (NYS DFS) wields significant control over the insurance business and has a stated goal of protecting consumers.
Most property insurance companies offer Actual Cash Value or Replacement Cost settlement options. Typically, insurance companies will require that you insure the property to the settlement value you choose. If you select Actual Cash Value, the amount you may be required to insure the property for will be less than the corresponding Replacement Value.
In that spirit, the Ryan Agency is sponsoring a Stearns BBQ Dinner pickup at our office on 57 Broadway Mall in Hornell on September 12th from 3:00 PM to 4:30 PM.
Today, an individual’s credit history can play a more significant role than any one of those traditional factors. Good Credit Scores lead to a Positive Insurance score. A good Insurance Score greatly influences what someone will pay to insure their vehicles.
Insurance companies offer various discounts for which their policyholders may qualify.
Great Eight number Six (6) suggests taking a look at removing Comprehensive and Collision on Older Vehicles.
By reducing the number of claims in your insurance history, you can significantly affect your rates in the future.
Sometimes, this concept meets with resistance from policyholders. The thought of paying more in the event of a claim is off-putting to some. Even if that means I pay more for my insurance.
OK. Admittedly, this strategy doesn't benefit everyone, but it can be very beneficial for those it does. You may have unique home or auto insurance needs that prevent you from bundling with the same company. Alternatively… you might have a better rate without the bundle discount by splitting up your insurance between multiple carriers.
