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AUTHOR : CAROL MOORE

The Importance of Cyber Insurance Like any metropolis, the web has neighborhoods, some safer and some horrific. Unlike any other  metropolis,   the   web   lacks   a   government,   laws,   or   a   police   force.   The   only   universally  acknowledged cyber­crime is the intentional spreading of computer viruses ­­ infectious software  programs that could impair the experience of other cyber­tourists. Beyond this, there are no moral  guidelines. A turn down the wrong cyber­street guarantees exposure to information or images at  least as corrosive as anything available in the streets of New York, Paris, or Tokyo ­­ and often   even worse. Increasing reports of cyber intrusions, data theft and computer system malfunctions have led a  rapidly­growing   number   of   companies   to   purchase   insurance   coverage   to   protect   themselves   from technology and cyber privacy risks. Indeed, as our technology­driven economy continues to  evolve and businesses become more reliant on electronic communication and data storage, they  are   developing   a   heightened   awareness   that   an   unauthorized   intrusion   could   endanger   their  tangible   and   intangible   assets  (including   their   intellectual   property)   and,   in   many  cases,   their  reputations and abilities to conduct business. As such, prospective policyholders are becoming  more cognizant of the necessity for insurance covering such growing exposures. There is still significant uncertainty about the nature and scope of  cyber insurance  products  which might cover a company's technology and cyber privacy risks, whether the entity is in the  technology   space   or   in   a   vertical   that   uses   technology   to   run   its   business   operations.   While   businesses   and   their   insurance   brokers   typically   are   knowledgeable   about   insurance   policies  covering traditional general and professional liability exposures, today's online­society introduces  new dynamics, many of which are not covered under traditional general and professional liability  policy forms. The growing number of technology and cyber products offered throughout the global  insurance markets highlights the importance of the insurance brokerage community and the value 


of   a   sophisticated   broker   who   can   perform   a   thorough   analysis   of   a   policyholder's   insurance  needs, and who can work with underwriters to obtain and tailor insurance policies to meet those   needs. Many businesses are experiencing and ever­increasing capacity for work. As a result, you will  also have a greater likelihood for technology errors and omissions liability. When it comes to  protecting  your  business,  you  need  an  insurance  plan  that  meets  your needs.  A  technology  insurance   company  can   help   to   efficiently   and   appropriately   quote   technology   errors   and  omissions liability insurance. For more information, visit site : http://www.insuringtech.com


Cyber Insurance