What is Cyber Insurance?

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Cyber Insurance

• The what, who and why for insurance agents

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Introduction

• This presentation is for insurance agents to
  understand 3 main points
• What cyber insurance is
• Who the potential customers of cyber insurance
  are
• And why insurance agents should consider selling
  cyber insurance

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What is cyber insurance?

• Cyber insurance covers the cost incurred by a
  cyber-related security breach.
• Cyber insurance is a unique coverage that does
  not have a common form or standard policy.
• Coverages can vary according to the need of the
  insureds.

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Common claims

• Although most cyber liability policies are unique
  to the policy holder, here is a list of common
  claims
• Phishing scams
• Malware attacks
• Third party cloud hacks
• Ransomware attacks
• Online defamation
• Lost payment card information
• Beyond ransomware
• Data breach lost customers
• Lost data
• Employee error

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Who are your potential customers?

• Literally anyone who uses digital technology to
  process and store data will need cyber insurance.
  Here is a list of potential customers
• Individuals
• Corporations and companies
• Small and Medium Enterprises (SMEs)
• Governmental/non governmental/non profit
  organizations

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Why you should choose to sell cyber insurance?

• Cyber Insurance is a booming niche. Here are some
  reasons why
• Increase in technology dependency
• Use of technology to store confidential
  information
• Use of technology to process transactions
• Rapid technological advancements

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Conclusion

• From individuals to companies to businesses,
  anyone who uses technology needs cyber insurance
• Cyber insurance is an attractive sector for
  agents to dive in
• Cyber insurance is complex and unique for
  different clients
• Insurance agents have great potential to win over
  clients

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