Cyber Liability  

According to CFO magazine in 2016, one in five small businesses reported they had a cyber attack on their network over the last two years. While the World Economic Forum listed cyber crimes as a top risk for North America over the next 50 years and estimated that over 430 million new types of malware were made available last year. Insurance companies have taken notice to this large risk and created policies to protect companies. While these insurance companies have created coverages for Cyber risks there are no standard forms to follow, this is where an agent at Great Lakes Insurance can help. Cyber insurance doesn't help if the proper coverages are not selected and Great Lakes helps clients interpret policies and select the correct coverages for to fit their needs and pricing model. We can help companies with 1 computer to 1,000s of computers.

Basic Cyber policies offer these coverages:
  1. Liability for security or privacy breaches
  2. The relating costs associated with a privacy breach
  3. The costs for restoring, replacing, or upgrading PC assets
  4. Business interruption and extra Expense
  5. Liability associated with Libel, Slander, and etc.
 
According to David J. Bresnahan, Executive Vice President of Berkshire Hathaway Specialty Insurance Co, he estimates that some 90% of cyber insurance business is in the non-admitted market. While most cyber insurance falls into the non-admitted insurance market the majority of Insurance Agencies in the Tri-state area do not have access to these markets but Great Lakes Insurance does. This allows  us to access Insurance Companies that specialize in customizing Cyber policies to fit clients specific needs. 
 
Great Lakes Insurance works with the most prominent and forward thinking Insurance carriers in the market place including:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sources include:

http://www.propertycasualty360.com/2016/09/21/lloyds-92-of-european-businesses-suffered-a-cyber?eNL=57e3f649150ba0c67eea62b7&utm_source=PC360_CarrierInnovations&utm_medium=EMC-Email_editorial&utm_campaign=09272016