Biggest Risks for Businesses: AI and Cyber Crime
The top experts and executives in the commercial lines insurance industry are saying that AI and cyber crime are the biggest risks for businesses. So if you’re a small, medium, or large company, the biggest risk you have from an insurance standpoint is cyber liability or cyber crime. It’s not fire, it’s not theft, it’s not injury or damages—it’s cyber crime. And we’re seeing this as a huge development over the last 24 months where cyber liability, cyber attack, and cyber defense are really what most companies are looking at in terms of protecting themselves.
Cyber Liability Insurance: Built-In Protection
There’s a lot of ways to do it. Most good cyber liability insurance policies nowadays have built-in defense. It has built-in monitoring, it has built-in response teams. If you get hit, they send a team out to fix it for you.
Expert Consultation Available
In the meantime, remember you have access to live one-on-one consultation, undivided attention of a licensed certified expert in this subject and many others. We want to listen to your story. We want to hear your questions and give you expert advisement of your options. We want to tell you what we know about your situation and what options you have.
Expanding Cyber Insurance Market
This is good news because if it’s the biggest risk, you want to have the biggest resources. On the same token, there’s some good news. The good news is that the market for insurance is expanding. Up until recently, it was actually somewhat difficult and expensive to get cyber liability insurance. Now that more companies are coming into the market, they’re understanding the losses, they’re understanding the costs, and they’re providing coverages and policies that might be a lot easier to obtain where you’re not going to get rejected and the cost will be reasonable.
Take Action: Get a Cyber Liability Insurance Quote
So if you’re a CEO, CFO, CIO, or somebody in the technology side of your company, get a new quote on cyber liability insurance. You can get a quote from our website riskcoverage.com or from your broker to see if the availability is different than what it was even a year or a year and a half ago. Because if it’s the biggest risk in your company, you want to make sure it’s not a deal breaker and make it game over for your company.
