The Expert Podcast

According to a survey recently done, 87% of companies feel that they're inadequately protected against cyber attacks. So, if you're a small or medium-sized company, you probably feel the same way—that you don't have the proper protection. Your existing insurance policy, your liability insurance, or your general liability policy may have a rider for cyber insurance, but you probably are not feeling 100% secure. Part of the reason is that that coverage has a lot of limitations. It may have an upper limit; it may not cover third parties. So, if your vendor has a cyber attack and they can't supply your products, you're not protected. Or if you're attacked and you can't protect your clients, you may not be happy about that either. There's also a lot of exclusions on some of these attached endorsements where you may need a standalone cyber insurance policy. There's an increasing demand for cyber insurance. We're seeing it in our agency all the time, and we're also seeing risk managers, CFOs, and companies be more sophisticated in how they're asking questions about cyber coverage for their company to make sure that they're not exposed to risks that they don't want to take on and also have some of the perks that come with the policy, like an active monitoring and response team. It's an industry in evolution, but a very large percentage—almost, you know, 9 out of 10 companies—don't feel like they're in good shape without having good cyber protection.