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Insurers working to fill cyberinsurance data gaps

Maria Korolov | Aug. 4, 2016
Insurers are starting to expand their services to better educate their customers about cyber risk and even help them defend against attacks before they happen and deal with the fallout of when a breach does occur

In July, New York-based Integro Insurance Brokers announced that it will provide coverage for the loss of intellectual property and trade secrets, which are typically not covered by cyberinsurance. The company is able to evaluate this risk through its own risk assessment program.

That includes access to third-party readiness and preventative services, according to James Sheehan, the firm's cyber risk practice leader.

According to Advisen's Bradford, if a company's intellectual property is stolen, the damage can be catastrophic -- but also difficult to quantify, and very difficult to insure.

Business email compromise -- also known as CEO fraud -- can cost a company millions, and is also frequently not covered.

Here, however, some businesses now have a simple answer.

In June, Los Angeles-based Grandpoint Bank announced that it will insure business bank accounts against funds transfer fraud and cyber deception, starting at $30 per month.

"It's a group policy that you just have to enroll for," said Petra Griffith, the bank's director of product development. "You don't have to go through an underwriting process. You just pay a monthly fee -- similar to buying cellphone insurance through the cellphone carrier. The cost is much less than if you went and got a separate insurance policy."

 

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