The Big I Virginia Summer 2020

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TOP 5 CYBERLIABILITYINSURANCECONCERNSFOR AGENTSSponsored by Risk Placement ServicesServicing clients and their exposuresis difficult enough. But throw intrying to keep up on the cyberevolving liability exposures andassociated coverage forms, and it’s acomplicated situation that may leaveagents exposed themselves.Here are five things to consider indesigning the right cyber liabilitycoverage for your clients:1) Cybercrime complications.Cybercrime, such as phishingschemes and social engineering, iscomplicated. Insureds expect that ifthey have both a crime and a cyberpolicy, they should be covered.Unfortunately, this isn’t the case.Some crime policies specificallystate social engineering and cybertheft is included, while others maynot. It’s important to design a crimepolicy that covers certain cybercrimeexposures and complements thecyber policy.2) Add-on cyber coverage.Cyber may be an added “throwin”as part of a commercial generalliability policy, business owners policyor professional liability policy, but inmost cases, the insured will not havethe coverage they need.These policies may include lowlimits, sub-limits or even exclusionsfor cyber losses, which leave clientsunderinsured. Or, the policy mayhave aggregate limits shared amongcoverage grants, leaving the insuredfurther exposed.3) Business Interruptiontriggers.A strong cyber policy will includebusiness interruption coverage topick up the exclusion on a propertypolicy for a network security event.Most cyber policies will respond in theevent of a security breach that causesnetwork failure and loss of revenue.Recently, this has been expanded toinclude business interruption causedas a result of an insured’s systemfailure or network disruption, which isa much broader trigger.The type and extent of businessinterruption coverage in a cyberpolicy becomes extremely importantdepending on the client’s industry.For example, a manufacturer wouldbe greatly impacted if a supplier’ssystem failed, upending their abilityto deliver.4) Pre-breach resources.There is a big push to prevent claimswith pre-breach resources, but howengaged are insureds in using theseservices?It’s important not to sell solely basedon what an insured can get for free,where the take-up rate for serviceshas been traditionally low, particularlyin the small to mid-size market. Whilewe should offer risk managementresources, add-on services shouldn’tbe at the expense of the policylanguage itself.5) Risk management termsand procedures.It’s important for agents and brokersto familiarize themselves with theterms and procedures to help preventlosses. This includes:• Multi-factor authentication• Checks and balances for wiretransfers and invoicing• Segregated, regular critical databackups• Ongoing employee trainingCyber insurance solutions for diverseindustries are available. But you needto know what to look for, when it’simportant and for which industries.Collaborating with a wholesalepartner with broad market reachgives you access to the wide rangeof coverage, but also experts whospecialize in handling cyber risk. Withonline platforms that make quotingcyber simple and fast, a wholesalepartner may be the right path toproviding cyber coverage for yourclients.By Steve Robinson, area president,technology & cyber, Risk Placement Services.30 THE BIG VIRGINIA SUMMER 2020
GonePhishingIf you don't thinkit could happen toyou...think again.Training staff tobe on the alert ofthese fraudulentemail scams iskey.Don't get hooked!23% of email recipients open phishingemails.11% of email recipients click onattachments.Protect againstsuch losses withan EVOLVE Policythrough VFSC15% of an employee's web session areinitiated by clicking on a link in an email.92% of employees trust the security ofthe company's email system and feeltheir email is safe.To obtain a quote,contact the IIAV by:Phone: 804-747-9300 or800-288-4428Email: lloving@iiav.comWebsite: www.iiav.com03/2020SUMMER 2020 THE BIG VIRGINIA 31
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The Big I Virginia Summer 2020

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