By: Luke Jones, Published on June 13, 2017 10:52 AM, Last Update on June 13, 2017 11:56 AM
Brokers are increasingly searching for cyber insurance and are looking for the coverage the most on policy search engine insurr. The company says cyber insurance is more popular than any other product on the platform, accounting for 20% of searches since the turn of the year.
Colin Burke, insurr’s project manager, says cyber insurance is a growing broker demand as organizations and customers digitize.
“We are in a time when, habitually, people are moving into the online world for everything that they do - whether it be smartphones, online gaming, even grocery shopping. This means that businesses must have an online/digital presence, and whether it is for marketing or ecommerce there is a requirement to securely store data,” Burke said.
“As a business owner you need to protect your online platform and the data behind it. If your website goes down for 10 minutes, that not only has a monetary impact but from an optics point of view it can cause big damage to your reputation.”
Cyber has become a prominent talking point, but only in the past five years. A growing digitizing of the world means protection against cybercrime and protecting data is now hugely important for business customers.
“You are now beginning to see cyber extension products being added to insurr such as Markel’s Privacy, Data Breach and Electronic Risk Extension which can be added to other commercial policies,” Burke explained. “Providers will need to be creative with where they move to.”
“A forward thinking broker is going to use online tools and technology to help them find markets,” Burke said. “They want to operate efficiently and insurr gives them that experience, it makes it hassle free.”