Cyber Source

The Cost of the D&O Claim

It’s strange that 1 in 4 private companies who responded to the survey have had a D&O claim, yet so many private companies say they did not need the coverage.  That is a really big disconnect of perception to reality.  Fortunately, they decided to purchase the coverage after previously not doing so, BEFORE they had their claims.   The average reported loss was $399,394 in 2017, which...

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Why Private Companies Don’t Purchase D&O

In looking at the top reasons private companies do not buy D&O insurance today, the respondents to the survey led to the conclusion, according to their survey, that “there’s a clear disconnect between executive assumptions about their companies’ exposure and the potential risks that they actually face. An important contributing factor to that disconnect may come from the fact that...

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3 tips for Protecting Against the D&O Claim

Good practice is the best method of keeping losses from occurring.  Insurance is made to work in harmony with good behaviors.  Having best practices results in best premiums, and D&O Insurance is a must for every commercial insured, private or not. For private companies, they see themselves as resilient to claims, therefore, it is difficult for many of them to consider what kinds of best...

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Teenagers and the Cloud

Cyber Liability Insurance is misunderstood, and as a result, it is not purchased by most commercial insureds.  However, it is the most important insurance a business can buy, and protects against the highest average per loss of any other insurance they can buy. As I speak to industry groups, associations, and chambers of commerce across America, I often am told the same thing over and over...

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Human Error: The Primary Cause of Fire

Cyber Liability Insurance is misunderstood, and as a result, it is not purchased by most commercial insureds.  However, it is the most important insurance a business can buy, and protects against the highest average per loss of any other insurance they can buy. Simply put, Cyber Liability Insurance is the FIRE INSURANCE of the FUTURE.  What does that really mean?  Let’s take a look at the 4...

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Understanding Voluntary and Involuntary Parting

Cyber Liability policies today regularly include coverage for Cyber Crime events.  Many of these policies refer to this as social engineering or phishing coverage.  We call it Financial Fraud Loss, because it includes 3 elements in the coverage: Electronic funds transfer fraud ( the theft of money by electronic means) Involuntary parting Voluntary parting Involuntary parting of money occurs...

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