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Uncategorized | October 19, 2018

Find out why you need Cybersecurity Insurance

Cybersecurity Insurance: What you need to know

Cybersecurity insurance transfers some of the financial risk of a security breach to the insurer. But it doesn’t do a good job of covering the reputation damage and business downturn that can be triggered by a security breach.

In fact, 93 percent of small and midsize enterprises (SMEs) that have experienced a cyber incident reported a severe impact to their business. Almost all reported a loss of money and savings. Thirty-one percent reported damage to their reputation, leading to a loss of clients, as well as difficulty attracting new employees and winning new business. And nearly half reported an interruption in service that damaged their ability to operate. In spite of those figures, less than 3 percent have cyber insurance

What Is the Domino Effect?
Cybersecurity risks are uniquely challenging for small businesses due to the frequency with which these threats manifest into bona fide cybersecurity incidents, the severe business disruption and financial impacts they can have, and the limited resources that small businesses typically have at their disposal to respond and recover from an incident. This cascade can easily lead to bankruptcy due to a phenomenon we’ll call “The Domino Effect.”

Significantly more than half of all cyberattacks are directed at SMEs, and that number is steadily increasing.

Why Are SMEs Targeted?
Given the all-too-common outcomes above, the logical question to ask is: Why don’t SMEs do more to protect themselves with professional cybersecurity measures? There are two common reasons why they don’t. LEARN MORE

Where does Cybersecurity Insurance fit in all of this?

News | October 8, 2018

Cybersecurity: The risks are growing

Cybersecurity risks are growing, both in their prevalence and in their disruptive potential. Attacks against businesses have almost doubled in five years, and incidents that would once have been considered extraordinary are becoming more and more commonplace.

The financial impact of cybersecurity breaches is rising, and some of the largest costs in 2017 related to ransomware attacks, which accounted for 64 percent of all malicious emails. Notable examples included the WannaCry attack, which affected 300,000 computers across 150 countries, and NotPetya, which caused quarterly losses of $300 million for a number of affected businesses.

Another growing trend is the use of cyberattacks to target critical infrastructure and strategic industrial sectors, raising fears that, in a worst-case scenario, attackers could trigger a breakdown in the systems that keep societies functioning.

Excerpt from the Global Risks Report 2018.

News |

Finding coverage that matches your business size

The types and amount of insurance that you need for your small business are based on several factors

News | June 5, 2018

The European General Data Protection Regulation (GDPR) Could Affect You

The European Union (EU) recently enacted privacy regulations that impact any company doing business with European clients. The European General Data Protection Regulation (GDPR) affects any organization that collects data on even one European citizen. Companies should review their insurance program to ensure that data leaks are covered.

GDPR will affect companies located in the European Union (EU) and any businesses that have operations and customers there as well. Yet any company that processes or stores data related to at least one citizen of the EU could be faced with the potential of noncompliance. Many experts say that further regulations specific to the U.S. could be on the horizon.

Read the rest here »

News | August 19, 2014

Using Insurance to Transfer Risk

Network Security

Information network and data security are expensive and rapidly growing exposures leading to millions of lost dollars, even when business firms have the proper IT security controls in place. Lost laptops, inadvertent emails, physical files containing personal identity information being thrown in dumpsters are examples of exposures that can happen to any firm large or small.

If you manage a company that uses a computer data base or the internet for business activities you may want to ask yourself the following questions:

  • If any of the services that you provide should fail/not meet expectations could your customer sue you for damages or loss of revenue?
  • Does your product or service interact or house any information that could be deemed private or sensitive?
  • Do you help develop content for any of your customers?
  • Do your products or services allow for interaction between users on-line?
  • Do you have employees that travel outside the U.S. for business?

If you answered yes to one or more of these questions you may have financial exposures for which you may not have allocated the necessary financial resources to, in the event of a data breach or a failure of your technology product or service.

At SciTech Insurance we can help you manage these unique exposures by providing your firm with the proper insurance solutions as a means of risk transfer that will be there when you need it.

Contact us today for a no-obligation business coverage gap analysis!


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