King is excited to announce a New Cyber program “Cybereis”
- Network Security Event Costs: Notification costs, call center etc
- Network Business Interruption
- Regulatory Costs: HIPAA etc
- PCI Fines & Assessments Costs
- Cyber Extortion
- Cyber Crime & Crime Costs
- Cyber Liability
- Media Liability
- Always one page application
- Zero 1st Party Deductible –Only if our Cyber Expert partners are utilized
- Full Prior Acts Coverage
- Always Primary for breach costs regardless of other insurances
- Voluntary notification
- No restrictions applied to use of unencrypted mobile devices
- Premium not auditable
- Always one page application
- Complimentary for all policyholders once on risk from CyberScout
- Access to support and guidance on network security matters
- Added value features for policyholders added regularly
We look forward to your submissions!
Professional Liability please send to: PL@kinginsuranceca.com
949-488-2255 / 800-488-4096 / Fax: 949-488-2259
Cyber insurance is now a hot topic and is increasingly being purchased by businesses of all sizes. Gone are the days when company executives could claim ignorance of cyber threats. On the flip side, agents can no longer avoid having a conversation with their insureds about cyber threats either.
Though some agents are becoming more adept at discussing cyber coverage, they face limited resources such as the availability of benchmarking data. Additionally, carriers are not sharing this information.
The cyber market is intensely soft as many carriers are fighting for market share. Despite the high volume of breaches occurring, there is an unusually competitive right now.
Why Buy Cyber?
As an insurance professional, you should encourage all your clients to buy cyber coverage. There is no shortage of compelling reasons to do so.
42 percent of businesses reported being a victim of a cyber attack in 2015, according to the National Small Business Association (NSBA).
This is partially because they have fewer resources to put toward IT personnel and IT security systems than their larger counterparts, so they are relatively easy targets.
Small firms also generally fail to make cyber security a significant part of company culture. Only 15 percent offer employees cyber training, according to a 2016 Better Business Bureau report. Because a sizeable number of claims result from human error, educating employees across the organization should be a key risk management goal.
There are many other sources of potential financial damage, such as costs for lawsuits from damaged customers, forensics experts to clean and repair an infected network, notification costs, and PCI and/or government fines and penalties, just to name a few.
There is virtually no business that is immune to cyber risk. For example, even a manufacturer that handles little data still has sensitive information on its network regarding employees, such as Social Security numbers, addresses, dates of birth, etc.
Most small businesses are connected digitally to their vendor partners, which are often larger entities. The bad guys exploit this arrangement, penetrating the network of the smaller companies that are easier prey, and then jumping via vendor connections into the systems of the larger, more valuable companies.
Selling cyber coverage to a small firm is easier than ever, with the extensive benchmarking data available today, forward-thinking agents can present a client with an accurate picture of what other small businesses in that client’s sector and revenue range are buying. Now is an opportune time to purchase cyber: the potential loss can be substantial for a small business, the coverage is overly broad, rates are remarkably low for state-of-the-art coverage and the market is expected to remain extremely soft for at least the next year. This presents a win-win opportunity for both insurance agents and their insureds.