How insurers are minimizing cyber losses
Friday, 10 06 2017, Category: Technology, Country: United States
The increasingly serious and large-scale nature of cyberattacks is creating problems for companies and clients of all sizes and on all levels. Organizations face the growing risk of financial loss and reputational damage, while their customers face the prospect of having their personal details fall into the hands of criminals.
Insurance companies are not coming out of the recent spate of hacks unscathed either. When a big client is successfully targeted, their carrier faces a hefty bill. For insurance companies to avoid finding themselves in deep water after a breach, conducting effective due diligence on prospective cyber clients – especially larger ones – is becoming increasingly crucial.
“The larger the client, the more complex the risk, and the more examination we do on an application for insurance,” says Jeremy Barnett, senior vice president of marketing at NAS Insurance.
Source: Insurance Business