Very interesting article and thank you- there are over 40 Cyber Products on the street today- My firm will only sell about 10 due to poor claims made language,and highly restrictive exclusions etc. It is definitely a buyer beware market
Liked the Article, for the added clarity to the subject.
Odd to state that years ago (I am ancient!!!) we had Telexes, Faxes, transactions such as those of Banks were made via these means and at International level, then extended to Global as those Clients needed such Cover even then….thus, the animal or “Cover” begat it’s new name “Cyber”…moved to the electronic age and “voila”. Under the guise of something “NEW”, admittedly more complex intricate and fast….yet we adapt….not much different to a song, another adaptation of the Tune and music even lyrics, however, no matter how the animal is presented it still the same just more advanced. The secret is the overall understanding of the intricacies brought by the progressing of the subject matter.
A fantastic Agent will do his utmost to know the subject, likewise a Broker (even more so the Underwriter) to ensures that all parties appreciate, can come together to find the best available coverage for their Clients. There are of course taylor made coverages such as those of Financial Institutions (Bankers, Investments Houses etc..)and most exposures can reasonably find suitable covers. The secret is in knowing in depth the Client’s requirements (the latter may need quite some help to recognise all potential areas exposed).
There is a lot of knowledge and support already available in the Market place. Ask for the Specialists, help is available.
Good article. FYI, there is a new cyber security data collection company that collects data on ALL cyber security companies and ALL the products they produce. This a a huge data collection process and this data is collected 24/7. Once collected it is organized, processed and mined and then packaged and sold to industries that can benefit. Insurance is one of those industries.
Very interesting article and thank you- there are over 40 Cyber Products on the street today- My firm will only sell about 10 due to poor claims made language,and highly restrictive exclusions etc. It is definitely a buyer beware market
Liked the Article, for the added clarity to the subject.
Odd to state that years ago (I am ancient!!!) we had Telexes, Faxes, transactions such as those of Banks were made via these means and at International level, then extended to Global as those Clients needed such Cover even then….thus, the animal or “Cover” begat it’s new name “Cyber”…moved to the electronic age and “voila”. Under the guise of something “NEW”, admittedly more complex intricate and fast….yet we adapt….not much different to a song, another adaptation of the Tune and music even lyrics, however, no matter how the animal is presented it still the same just more advanced. The secret is the overall understanding of the intricacies brought by the progressing of the subject matter.
A fantastic Agent will do his utmost to know the subject, likewise a Broker (even more so the Underwriter) to ensures that all parties appreciate, can come together to find the best available coverage for their Clients. There are of course taylor made coverages such as those of Financial Institutions (Bankers, Investments Houses etc..)and most exposures can reasonably find suitable covers. The secret is in knowing in depth the Client’s requirements (the latter may need quite some help to recognise all potential areas exposed).
There is a lot of knowledge and support already available in the Market place. Ask for the Specialists, help is available.
“anywhere in the universe,”
So protection from Martian hackers is covered, LOL.
Joking aside, very good article, one of the best I’ve read on IJ.
Good article. FYI, there is a new cyber security data collection company that collects data on ALL cyber security companies and ALL the products they produce. This a a huge data collection process and this data is collected 24/7. Once collected it is organized, processed and mined and then packaged and sold to industries that can benefit. Insurance is one of those industries.
Interested, what is the name of that company? Thanks!