Ten years ago, the words cyber and insurance had never been paired together. The internet has created its own special risk exposures that continue to evolve every day. Such issues as computer viruses, data privacy, and internet related intellectual property infringement have taken some luster off the burgeoning possibilities that the internet reflects. Generally speaking, any business that operates a computer network that is connected to the internet has an exposure to cyber risk. Cyber insurance, also known as internet insurance, can cover losses from data theft or data corruption that results in a financial loss to your company from a 1st party stand point, as well as the same type of losses to a 3rdparty that originates from your network. The most notable cyber risk in the news lately is data privacy, where the lack of security causes theft or accidental release of sensitive information such as social security numbers or credit card numbers.
Thomas Gregory Associates has focused on Cyber Insurance and Network Risk since it first became available, and understands how it can fill in the voids of standard insurance policies. As these policy forms are different from insurer to insurer, we spend the time to identify the differences and help you understand them. In the end, you will have the necessary information that you need to select the right cyber insurance policy for your company.