Global, instant, boundless, unprecedented - these are words that are commonly used to describe the opportunities of the cyber world. They could also be used to describe the risks that arise alongside those opportunities. Cyber risks are faced not just by e-commerce companies - those doing transactions over the internet. Any company reliant on computer networks, digital information or the internet faces these exposures; this means just about every sizable business in the world today. In many cases, traditional insurance policies - property, commercial general liability, crime and many E&O policies - may not respond to losses involving information systems.
Products are now available to fill these gaps in protection, products that combine first- and third-party coverage for many cyber exposures, including those involving privacy, hackers, viruses, network disruptions and online advertising and publishing. As in all areas of risk management, however, buying insurance is only part of the puzzle. What is really needed is strong exposure identification, policy wording analysis and communication about exposures with the risk owners throughout an organization.
The e-Solutions experts within our FINEX team can help you put all of the pieces in place. To learn more about our capabilities, please contact us.