Ransomware is a global epidemic affecting businesses of all sizes. According to
Coalition’s cyber claim report, ransomware attacks increased across almost every industry and are 2.5 times more severe than other reported cyber insurance claims. In addition to financial harm, Ransomware attacks also have the potential to inflict serious operational harm to an organization. The process to recover and restore business operations can be complex and expensive.
Cyber liability coverage endorsements included in or added to BOP, 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 E&O claims, your agency may be at risk if 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 $1B 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
www.bigimarkets.com to request a quote or reach out to
Carla McGee, Cyber Liability Program Manager, if you have any questions.