Bad movies and hackers made the headlines last weekend. Apparently, the recent big budget movie release of King Arthur is a huge flop. I haven't seen the movie nor was I planning to, but what caught my attention was a news article that talked about how difficult it is for movie producers to adapt the King Arthur legend to the big screen. In fact, the only successful King Arthur adaptation was - yup, you got this - Monty Python and the Holy Grail.
Meanwhile, I'm thinking that the 1995 teen hacker movie aptly named, Hackers, and already a 'classic' is somewhat prescient of the events of the past few days. If you recall, student hackers stumble upon and steal code from the villain and things heat up from there.
So, what really happened last weekend? According to the Washington Post, "The malicious code at the heart of the WannaCry virus that hit computer systems globally late last week was apparently stolen from the NSA, repackaged by cyber criminals and unleashed on the world for a cyber attack that now ranks as among the most disruptive in history." I don't know how we can live through this event and not take the threat of cybercrime, data theft, and business interruption seriously.
Now more than ever, Cyber Liability insurance should be viewed as a necessary business coverage. It is no less important than property insurance, crime, or business interruption coverages. It may happen without broken windows, weapons, or get-away cars, but the event is no less damaging. Think of Cyber Liability insurance as crime coverage for your digital property, and then urge and educate your clients to include this in their insurance portfolio.
I'd like to make a clear distinction here. An add-in endorsement to a package policy will not adequately cover your client! This coverage needs to stand on its own and you should be working with markets and underwriters who specialize in the product. I only recently got myself up to speed about the merits of purchasing a cyber policy and it was eye-opening. Not only can the coverage provide financial protection, quality programs will provide emergency services and experts to guide the policyholder when an event occurs.
Did I mention that of course, Tuscano Agency has great markets for Cyber Liability? I have purchased this product for our own business. There are many resources available to reduce the hazards involved with cyber exposure and like it or not, all business owners need to take the necessary actions to protect their networks and data. But even with the best security systems in place, breaches happen and that is when your customer will thank you for selling them a high-quality Cyber Liability policy.
Whether you call it Cyber Liability or Data Breach coverage we have great markets that will provide you a quote and walk you through the selling points. Have the conversation with your client, and if you need claims scenarios or flyers we are happy to provide them to you.
Thanks for your business!