Tag Archives: Small Business

I.I.I. Market Report Webinar: Protecting Small Business Against #cyberfail”

“Small businesses are an easy target,” said Steve Clarke, Vice President, Government Relations, ISO. Clarke was one of several experts describing the cyber threat small business owners face in an Insurance Information Institute webinar Dec. 11, “Protect Your Business from #cyberfail.”

Many of these enterprises are data-rich businesses, Clarke continued, pointing to how a recent study estimated 28 percent of cyber thefts occur at health care companies while another 17 percent came at financial services firms.

Other issues which arose—

Cutting down the time between when a cyber breach takes place, and when the victim notices it has happened, also known as the ‘dwell time.’

The importance of educating employees about cyber risks, and how many cyber breaches occur because a company’s employees unknowingly open emails which are part of phishing operations aimed at gaining access to a company’s computer network.

The U.S. Small Business Administration has materials on cybersecurity on its website.

Watch this webinar now.

Presentation Date
Monday, December 11, 2017

Speakers

Introduction: James Lynch, Chief Actuary, Insurance Information Institute

Moderator: Marty Frappolli, Senior Director of Knowledge Resources, The Institutes

Panelists:
• Steve Clarke, Vice President, Government Relations, ISO
• Nick Graf, Ethical Hacker, CNA Insurance
• Donald Smith, Director of the Office of Entrepreneurship Education, Small Business Administration
• Michael Rohrs, Associate Director of Global Cyber Practice, Control Risks

JOIN US FOR THE I.I.I. MARKET REPORT WEBINAR: PROTECTING SMALL BUSINESS AGAINST #CYBERFAIL

On-demand Webinar, December 11

America’s 28 million small businesses have virtually the same exposure to hackers and other cyberthreats as America’s largest companies. While the billion-account hacks get most of the attention, what small businesses might not realize is that they are far more likely to be crippled or put out of business in the wake of a cyberattack.

On Monday, December 11, the Insurance Information Institute (I.I.I.) will host its I.I.I. Market Report Webinar: Protecting Small Business Against #cyberfail. Leading experts from CNA Insurance, Control Risks, The Institutes, the Small Business Administration and Verisk will join the I.I.I. to discuss the current commercial cyberrisk landscape, how small business leaders can use insurance products effectively, and how they may best employ risk management best practices and other tactics to protect their firms.

Webinar Details
Monday, December 11, 2017

2pm – 3 PM EST

Register here


Speakers
Introduction: James Lynch, Chief Actuary, Insurance Information Institute
Moderator: Marty Frappolli, Senior Director of Knowledge Resources, The Institutes

  • Steve Clarke, Vice President, Government Relations, ISO
  • Nick Graf, Certified Ethical Hacker, CNA Insurance
  • Michael Rohrs, Associate Director of Global Cyber Practice, Control Risks
  • Donald Smith, Director of the Office of Entrepreneurship Education, Small Business Administration

 

Spreading Awareness of Insurance to Small Businesses

A couple of new studies appear to shed light on the continuing need to communicate the importance of insurance for small business owners.

First, a Nationwide-sponsored survey found that 66 percent of small businesses do not have business interruption insurance (hat tip to Insurance Journal for its report here). This is despite the fact that an estimated 25 percent of businesses do not reopen following a major disaster.

Most small business owners are at risk of disaster, Nationwide noted. Some 75 percent of small businesses do not have a disaster recovery plan in place, even while 52 percent say it would take at least three months to recover from disaster.

Nationwide commissioned the survey from Harris Interactive, which polled 500 U.S. small business owners with fewer than 300 employees from June 8-19, 2015.

In a press release, Mark Pizzi, president and chief operating officer of Nationwide Direct and Member Solutions, said:

Small businesses are least likely to have disaster recovery insurance. And yet they are the ones most affected by a disaster. That’s why it’s essential for small businesses to have a disaster recovery plan.”

Meanwhile, a J.D. Power study found that many small business owners are unaware that insurers even provide commercial insurance.

Less than one-fourth of small business owners said they were aware that nine of the 17 insurance providers included in the study offer insurance for business customers.

Only six insurers had awareness rates above 40 percent for their commercial insurance offerings, and five of these are among the largest personal lines insurers, J.D. Power said.

While advertising is important to spread brand awareness, the study suggested that commercial insurers have better success when they develop awareness through agents/brokers, trade groups and word of mouth from other businesses.

The proportion of customers who considered/shopped an insurer among all potential prospects is 61 percent when awareness comes from an agent/broker or trade group, compared with just 38 percent when awareness is attributed solely to advertising.

Still, the study–now in its third year–found that small business customers are increasingly satisfied with their insurance providers. Overall satisfaction was up 10 points at 793 on a 1,000-point scale in 2015, due primarily to improvements in price and policy offerings.

The 2015 U.S. Small Business Commercial Insurance study is based on 3,292 responses from insurance decision-makers in businesses with 50 or fewer employees that purchase general liability and/or property insurance and was fielded from April through June 2015.

The Insurance Information Institute’s excellent online resource for business insurance is available here.