Insurance brokers servicing he SMB market do not understand Cyber Security, Technology and the policies being offered. There is a need to educate them on Personal Identifiable Information (PII), HIPAA Compliance and other types of regulatory safeguards where breach remediation costs can easily range from hundreds of thousands to millions of dollars besides penalties. A breach can easily put a SMB out of business without insurance to provide expertise and financial assistance.
Agents don’t get it and Insures don’t think that they need it, are all true statements. But we have changed the sales process. With are new Cyber Insurance Products Made Easy program, we are working with agents that are experiencing better than a 20% bind ratio in their renewal book. It is working!
I thought the government can force us to buy insurance. Why not make it illegal not to have cyber insurance?
The act of making lack of cyber insurance a crime would probably create more criminals than clients.
Insurance brokers servicing he SMB market do not understand Cyber Security, Technology and the policies being offered. There is a need to educate them on Personal Identifiable Information (PII), HIPAA Compliance and other types of regulatory safeguards where breach remediation costs can easily range from hundreds of thousands to millions of dollars besides penalties. A breach can easily put a SMB out of business without insurance to provide expertise and financial assistance.
Agents don’t get it and Insures don’t think that they need it, are all true statements. But we have changed the sales process. With are new Cyber Insurance Products Made Easy program, we are working with agents that are experiencing better than a 20% bind ratio in their renewal book. It is working!