Robert Parisi, New York-based Network Security and Privacy Practice Leader for Marsh, said in a statement that companies “are now looking to manage their day-to-day cyber risks in the same way they do more traditional risks — through the purchase of insurance.”
While the trend was seen across most industries, it was most notable in the services sector, which includes professional, business, legal, accounting and personal services, and in education, where the increase was 75.5% and 72.2% respectively.
Highly visible data breaches have led more insurance buyers to view cyber insurance as an essential purchase rather than a discretionary one, particularly among smaller and midsize entities, says the report.http://adkinsinsuranceagency.com/blog/demand-for-cyber-liability-on-the-increase-per-reports-from-business-insurance-news.
The world today as we know it is an ever evolving place where crime, natural disasters, and man-made disasters are occurring ever day. Our jobs as agents/brokers are to protect our clients’ personal and business information. Next we should educate and have a conversation with them on the latest insurance products being offered for the above said risks and how to mitigate them. If we brokers/agents are to be strategic partners with our clients - it will be necessary to inform them of the risks stated above.