Digital Boom drastically raises demands for Cyber Insurance
October 15, 2021
We have seen an enormous increase in the awareness of Cyber Risks. There has been a significant increase in the number of requests for Cyber Insurance policies, Cyber cover extensions, and add-ons to protect digital services and data. S&P Global recently released a report that provided a good insight into how the global Pandemic has re-shaped the Cyber Insurance markets across the UK. This increase in demand has put a strain on the ‘cyber reinsurance protection gap’ as new and renewed clients ask for more significant cyber limits and more policy inclusions in their policies.
What could happen to your policy? Effects on the Cyber Insurance Markets
S&P Global’s report predicts a rise in prices across all cyber-related policies over the next three years. To meet and adjust to this demand, it is likely insurers will make significant changes to their cyber insurance products by:Increasing insurance rate,Adjusting their T&Cs,Removing or adjusting exclusions,Limiting inclusions and cyber extension,Reducing pay-out limits for certain cyber products/risks.
Some insurers have already begun to adapt to the new landscape. For example, they’ve started offering more advanced cyber products by including benefit lead services, increasing premium volume to new heights.Some insurance providers may make changes that either make policies more expensive, harder to obtain or include more limitations to cater to the insurers limited capacity to provide cyber cover and meet market demands. However, with the right insurer and/or broker, you could find that while your policy has become more expensive, it benefits and protects you better against cyber risks and exposures, ensuring better policy protection more suited to your needs, and designed to provide extra support and benefits to you as a policyholder.
“Do I need Cyber cover?” – Professionals and Businesses most at risk
Professionals & Business Organisations: Every company in today’s world has some digital aspect and more than likely handles a ton of sensitive information and data. Whether the information is yours, your companies or your clients, you should ensure your data is fully protected. If it leaks or gets stolen, you could face heavy financial and reputational damages. Telemedicine & Tele-Health Services & Companies: If your work focuses on providing digital healthcare services, products and deals with customer healthcare data, lack of cyber protection could lead to loss of personal sensitive client information and, therefore, claims made against you. Sole Practitioners that have gone Digital: Amid the Pandemic, thousands of healthcare professionals and medical providers who had mobile services went digital to continue providing some form of care, medical advice, or healthcare service to patients in need. Whether you are a private practitioner providing online medical advice or a psychiatrist providing personal medical sessions over the internet, it is important to ensure you are fully protected against the added risks and exposures digital places on your practice.
Cyber Risks are unavoidable when it comes to having digital aspects of your profession or business. However, there are always ways to maintain protection and reduce exposure to these risks in and outside of your insurance policy. While Cyber Risk awareness has improved due to the Pandemic’s digital boom, it has allowed more and more people to fall victim to cybercrime where they previously have not been informed of the risks and what to watch out for.
“How do I know if my policy offers good Cyber Cover?”
Servca can provide a silent review service. This is where we take an intimate look at your current policy and offer you a second opinion based on experience, market knowledge and a comparison of our clients’ Cyber policies and products. We then provide unbiased feedback, letting you know your policy strengths and weaknesses. In addition, our silent review service has no fee, and we won’t let your current insurance provider or broker know either, ensuring your right to privacy. If you: Are you worried you are being exposed to new cyber risks,Haven’t updated your policy since before you become more digital-based,Don’t have cyber cover,Have had issues with your policy in the past,Suffered from cyber claims,Or want a second opinion, Then our Silent Review service is perfect for you. Click here to get in touch and found out more about how Servca can provide your silent review. If your job faces daily exposures and risks to cyber-crime, we have products designed to support and protect you, keeping you well informed of the latest cybercrime trends and risk management tips to ensure your data and/or your client’s data is kept private. Click the button to get in touch and learn more about our Cyber policies and the types of cover available to you.