CYBER INSURANCE CONTINUITY CONCERNS AMONG BUYERS
Statistics may not be revealing the truth behind the numbers of cyber insurance, according to recent article in Advisen FPN. The statistics typically put the incidence of cyber insurance buys in the 30-40 percent range. Brokers say that these numbers may not be granular enough to capture what’s truly going on beneath the surface.
Lockton’s Ben Beeson, partner in the Global Technology and Privacy Practice of Lockton Companies, discusses his opinions on cyber insurance regarding middle market companies and health care organizations and a particular carrier’s coverage innovation in the last 18 months. He said, “Beazley’s Breach Response product [is] driving the market,” with a turnkey solution priving breach response service. “You pick up the phone if you have a breach, and you’re into the team. They’ll quarterback the response,” he said, giving a general description of how the coverage works.
To read more on Beeson’s comments and find out the other aspects of cyber insurance that the statistics don’t show, click here.