Ransomware attacks have increased across almost every industry and are 2.5 times more severe than other reported cyber insurance claims, according to Big “I" Markets partner Coalition's cyber claim report.
In addition to financial harm, ransomware attacks also have the potential to inflict serious operational harm on an organization. The process to recover and restore business operations can be complex and expensive.
Cyber liability coverage endorsements included in or added to a business owner policy, package or other ancillary policies may be lacking adequate limits and coverage for ransomware attacks. With “failure to offer" continuing to be a leading cause of insurance agents errors & omissions claims, your agency may be at risk if you are only offering data breach coverage or only offering cyber liability coverage as an endorsement.
Through Big “I" Markets, agents can reduce their E&O exposure by offering a comprehensive stand-alone cyber liability policy for commercial risks up to $1 billion in revenue to include coverage for ransomware attacks.
Coalition provides world-class technical know-how to help prevent, mitigate and respond to cyber incidents. Log into Big “I" Markets to request a quote or reach out to Carla McGee, cyber liability program manager, if you have any questions.