The Expert Podcast

All right, here we go again with one of our favorite subjects, which is commercial liability insurance, specifically cyber liability insurance. This may seem like a boring subject, but why do I need to be interested in it?

The reason is that the cases and attacks are spiking, according to this new research paper. Global ransomware attacks are at an all-time high, and they surged from July 22 to June 23, so the rates of attacks are going up. Most of them are in the U.S., and a lot of them are small businesses, so even if you're a small company or even an individual with a high net worth family, you're not immune from these attacks.

In addition, the money going into this proves that the investors believe this is going to continue company called resilience major cyber liability company had a 100 million dollar Investments into their cyber liability company and this is because investors know that this is going to continue this is not a short-term event cyber liability attacks are going to go up in fact they're probably going to be more common types of losses for companies than the types of losses companies have had in the past things like fire slip and fall liability injuries cyber attacks are going to be much more common at the same time.

All this is happening because many policyholders don't like their existing coverage. More than one-third of policyholders are considering a new insurance carrier, so put all that together, more tax money is being thrown at the industry, and insureds are not liking their current carrier. This is a situation ripe for business development for insurance agencies. If you are a commercial enterprise and you have insurance, put your comments below.

Do you like your current coverage is your existing Legacy Insurance Agency familiar with cyber liability insurance it's a relatively new product many older agencies are not familiar with it many companies don't even write it for that matter you probably have had the beginnings of a Cyber attack you didn't even know it they estimate that 80 percent of companies have had a Cyber attack without even knowing it and many times these hackers will sit and lurk on your network for months and months gathering information before they attack and lock down your system let us know what you think about the risk that is probable to your company and whether or not it's something that you take into account in your everyday business practice.