Jul 31, 2019
Brian talks with Risk Management Consultant, Technology and Software at GCG Financial, Zachary Slade on the different structures of Cyber Liability Insurance and what you need to know to ensure you and your clients are protected.
When buying auto insurance, we of course use our broker as a resource to ensure we our properly protected in the event of a claim. Our auto carriers are fluent in all of the different nuances of the policies they provide and these same policies have become standardized over many decades of providing coverage.
Cyber Liability Insurance is not a standard policy and coverages vary from carrier to carrier making this an even more confusing exercise not to mention potentially leaving us exposed in the event of claim. Consulting with a knowledgeable broker to help you navigate the different cyber insurance policies and coverages for both you and your clients is critical.
Zach provides some great insights on scenarios and coverages to look for as well as common policy exclusions. He discusses new coverages that are now available such as Reverse Social Engineering, Contingent Business Interruption and Bricking. Also the differences between 1st party and 3rd party coverages and why you need to be aware and covered for both.