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Cyber Rates: Large, Small & More

Posted By Administration, Tuesday, May 12, 2015

The biggest growing insurance line these days is cyber attack coverage. It’s a hugely competitive market for small businesses. Large companies are in a different ballpark.

Willis’ Matt Keeping keeps track of such things and said things are positive for insurance buyers and some softening conditions exist. But cyber coverage for point of service retailers is rising a minimum of 10% this year and — in some cases — hits a maximum of 125% at renewal 

It’s much better to be a smaller business but smaller businesses aren’t buying. At least not now. And the reasons are ironic. 

   A staggering 95% say they do not possess cyber insurance.

   But a very high percentage — 81% — of those surveyed a cyber attack is a huge concern.

Or so says Endurance International Groups 2015 Small Business & CyberSecurity survey. The company’s CEO Hari Ravichandran said, “Cyber attacks arent just about targeting big business. In our current environment, its not a question of if your business will be targeted, but when. This should be a wake-up call to both lawmakers and the small business community that we must remain vigilant in protecting against these cyber threats.”

Here are other statistics from the survey:

   94% occasionally or frequently think about cyber security issues.

   31% of small businesses have experienced an attempted or actual attack.

   Just 11% have an IT person on staff or an outside IT consultant to handle cyber security.

   83% of owners say they handle cyber security matters alone.

   63% have security software or other measures installed to defend against cyber attacks.

   42% of small businesses have invested in cyber security protections in the last year.

   70% dont believe the federal government is doing enough to fight cyber attacks.

   83% support efforts by the federal governments Small Business Administration to provide tax incentives or grants to small businesses that invest in cyber security protections.


Source links: insurancejournal.com and Carrier Management

Tags:  business  Cyber Insurance  Cyber Rates: Large  Cyber Security  Insurance Content  Insurance Industry  Insurance News  Small & More  Weekly Industry News 

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