Small business, big risk: Lack of cyber insurance is a serious threat

Cyber incidents hit one of every 10 U.S. small businesses last year yet only 31 percent of them have cyber insurance, according to the Insurance Information Institute (I.I.I.) and J.D. Power 2018 Commercial Cyber Insurance and Security Spotlight Survey℠. Ten percent of the small businesses surveyed had one or more cyber incidents in 2017, resulting in a typical loss of $188,400, an increase of $73,000 from the year before, according to the J.D. Power 2016 Cyber Insurance Pulse Study℠.

 

 

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Spotlight on: marijuana and employment

Overview

More states are passing legislation permitting medical and/or recreational marijuana use, which raises the inevitable employment-related questions. In this article, we’ll discuss:

Helping consumers understand the value of cyber insurance

More than four out of five American consumers who own connected devices either lack insurance to protect them from cyberthreats or do not know if they are covered, according to the Insurance Information Institute and J.D. Power 2018 Consumer Cyber Insurance and Security Spotlight Survey℠.

 

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Background on: Gun Liability

Overview

The idea that insurance can help prevent deaths from firearms often rises to the forefront of the nation’s consciousness following mass shootings.

Protecting against #cyberfail: Small business and cyber insurance

While cyberattacks and data breaches at Fortune 500 companies tend to dominate the headlines, America’s more than 28 million small businesses and their 56 million employees are increasingly vulnerable. Their exposure is much the same as that of larger companies, experts say, but many may overlook or underestimate the threat and may not fully understand the risks. Small businesses (defined as firms with fewer than 250 employees) face a growing frequency of attacks and breaches which can result in potentially severe financial consequences.

 

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Slide deck: Cyberrisk: Threat and opportunity, October 2016

The October 2016 Insurance Information Institute (I.I.I.) white paper, Cyberrisk: Threat and Opportunity, discusses how insurers are responding with products and coverages to address the growth in cyberrisk. To help you understand and explain the key points of this paper, we offer this deck of PowerPoint slides with key insights and data—available exclusively to I.I.I. members and subscribers.

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Infographic: Cyberrisk insurance

Media Folder: 

Cyberrisk: Threat and opportunity

This white paper examines the current exposure to cyberrisk and how insurers are responding:

 

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Cybersecurity and identity theft coverage: The state of the industry

Overview

Annual information about the U.S. cyber insurance market has been hard to come by until now, but new reporting requirements developed by the National Association of Insurance Commissioners (NAIC) now enable insurers to better track cyber insurance policies issued in the marketplace.

 

Background on: Crop Insurance

The Topic

The government has supported agriculture financially since the 1930s to help maintain the viability of farming and ensure the stability of the nation’s food supply. However, due to the success of crop insurance, farmers today are increasingly more self-sufficient than in the past. Had the 2012 drought occurred in 2000, the cost to the public would have been much greater.

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