Cyber Liability - Protection Your Clients Need
There are many opportunities to grow your book of business by providing Cyber Liability. By being informed and passing along your knowledge, you will be providing your customers with great protection for their business. Here are a few suggestions:
Review the company's vulnerability
- Review the data the customer collects and why it's collected.
Review existing policies
- Point out any exclusions in their current policy that limits coverage against cyber-attacks.
Explain that storing data in the cloud isn't insurance
- Let your customers know that it's possible their cloud storage vendor isn't responsible for any data breach and the burden falls to the data owner.
Show them the money
- Emphasize the cost of a data breach. Costs could include legal counsel, notification costs, public relations consultants, forensics experts, a call center and credit monitoring services. Let your customers know that they are required to notify all clients by mail if a breach is suspected. That's .47 cents per client that needs to be notified. Do they have that kind of money?
Compare policies, coverages, limits, exclusions and costs
- Make sure your customers know what is availble from the carrier. Other coverages may need to be updated, such as business interruption.
Educate yourself and the public
- It's up to agents and brokers to educate themselves. The term "cyber" covers many different things, it can apply to data breach, denial of service or misuse of personally identifiable information. Make sure you are able to explain the need for Cyber coverage to your customers.