Cyber Liability continues to be a major issue for businesses in 2018. In today’s data-driven social media world, businesses of all sizes have had a cyber-attack or data breach. Statistics show 39% of all cyber incidents affect businesses with fewer than 100 employees. With the recent breaches in the financial and hospital industries, many businesses are considering cyber insurance.
Emerging Cyber Trends
- With more companies beginning to store information on the “cloud” there will be more universal breaches causing greater losses.
- Cyber Liability insurance is a real option providing value added coverage and services.
- Industries most exposed are; healthcare, medical, retail, financial institutions, technology and hospitality,
- Cyber recovery costs are rising, even with new technology.
- Individual states will be beefing up mandatory reporting laws and imposing fines for lack of reporting.
- New technologies will allow cyber-attacks to come through smart phones and tablets.
- Small businesses may be the most prone, as they have the least protection.
Cyber liability coverage (for data breaches) has evolved from just insurance for information technology companies to coverage that nearly every kind of business should have – if they don’t already. From retailers, banks, contractors, distributors, restaurants and medical offices, many businesses are unaware of the severe data breach exposure they face. In short, any business not making an effort to protect personal private information is seriously out of step with the emerging landscape of privacy law. We can provide your firm with the right combination of pricing and coverage.
Armstrong Timeshare Association (ATA) has been created exclusively for timeshare resorts and HOAs and to assist timeshare resort risk managers and brokers. Our products include comprehensive insurance programs designed specifically for the Timeshare and HOAs industries and the distinct insurance profile for which, often times, basic insurance does not adequately cover. The ATA program includes a property restoration component for major losses assuring minimal downtime and loss mitigation.