Today’s dynamic business environment and litigious society pose several risks to businesses. As they seek to secure the insurance they need to protect themselves, some companies’ decision-makers may get confused about E&O vs. EPLI policies. Both types of policies involve legal liabilities and are important. But when you help your business clients appreciate the difference between E&O vs. EPLI, you’ll help them effectively manage their risks and ensure adequate protection. Understanding E&O Insurance Errors and Omissions (E&O) Insurance is liability coverage protecting professio ..read more

Taking a retail business online opens up many opportunities for entrepreneurs and consumers. An online retail platform allows retailers to tap into a global marketplace without the overhead costs of a physical store. Customers from anywhere can access products with the click of a button. However, a digital storefront has its pitfalls. As our shops go virtual, so do the risks. The retail sector has seen a significant uptick in cyber threats, with ransomware attacks surging by 75% in 2022, according to Sophos. It’s a clear signal that as much as we love the digital marketplace, we must do more t ..read more

Digital collection, storage, and retrieval of personal data are essential to patient care and medical research today. Protecting that data from unauthorized access is essential, too. Healthcare data breaches can occur for many reasons. However they happen, security breaches in healthcare can have serious consequences for patients and the organizations responsible for protecting patients’ data. The Health Insurance Portability and Accountability Act (HIPAA) mandates that healthcare providers and other covered entities keep sensitive patient information private and secure. Any unauthorized discl ..read more

Financial services companies—banks, credit unions, investment firms, insurance companies, and others—make enticing targets for cybercriminals. Globally, only the manufacturing sector sees more cyber attacks than the financial industry does. The New York Department of Financial Services (NYDFS) established cyber security requirements for financial services companies in 2017. Since then, the cyber security landscape has changed. So have the steps financial services companies can take to protect themselves. The NYDFS amended the financial services cyber security regulation known as “Part 500” in ..read more

Per the nonprofit Identity Theft Resource Center (ITRC), 2,116 data breaches had been reported nationwide this year through September. That figure breaks the previous annual record of 1,862 data breach reports in 2021. Zero-day attacks against the widely used MOVEit file transfer protocol account for a dramatic number of breaches. “So far in 2023,” the ITRC stated, “344 U.S. organizations have been impacted by a single or multiple vendor(s) using a vulnerable MOVEit product.” And as data breaches increase, so do data breach lawsuits. The ITRC stated “the estimated number of [data breach] victi ..read more

The last few years have been turbulent for the Cyber Insurance market. The COVID-19 pandemic spurred a rise in cyber attacks. Businesses’ rapid adoption of remote work drastically increased the attack surface. Russia’s invasion of Ukraine heightened fears of cyber warfare waged through malware and distributed denial-of-service (DDoS) attacks. Several spectacularly costly cyber incidents cut into Cyber insurers’ profitability. These incidents made an already hard market “brittle, to the point of breaking,” as Security Management’s Kevin Sesock summed up the situation. Cyber Insurance premiums ..read more

The word “casino” brings to mind an atmosphere of thrilling games, dazzling lights, and fortunes won or lost at the toss of a die. But recently, it became the backdrop for a real-life drama when a cyber attack crippled the operations of MGM Resorts International, one of the world’s largest gambling conglomerates. The MGM cyber attack should serve as a grave reminder to Cyber Insurance agents and brokers about the vulnerabilities companies face and the expensive ramifications that ensue. MGM Cyber Attack: What Happened? On Sept. 11, MGM announced a significant “cyber security issue” affecting i ..read more

We live in an era brimming with gadgets, algorithms, and vast amounts of data—a digital world more complex than ever before, where technology steadily weaves its way into our personal and professional lives. In this context, “digital literacy” isn’t just a trendy catchphrase; it’s about having the essential skills that let you make the most of digital technologies like internet platforms, social media, and mobile devices for a whole array of purposes. These skills are crucial not just for individuals but also for organizations looking to grasp how the merging of AI and cyber security might aff ..read more

The shift toward digital operations in the business world is not just a trend but a vital evolution. However, with the many benefits of a connected, online enterprise come a slew of risks that traditional insurance packages, such as Business Owner’s Policy (BOP) Coverage Insurance, may not address. This gap has led to the increasing importance of Cyber Insurance for businesses, and it’s time for brokers to embrace this crucial aspect of modern insurance coverage. Why Is Cyber Insurance Important? A 2022 Official Cybercrime Report by Cybersecurity Ventures predicted the global annual cost of cy ..read more

Demand for Cyber Insurance coverage is climbing. Experts in Cyber Insurance trends project the market will grow from $16.66 billion in 2023 to $84.62 billion by 2030. Whether you’re an independent broker or part of an agency, you need Cyber Insurance resources to help you stay competitive in this market. The resources we at ProWriters offer help brokers and agencies understand current and emerging Cyber Insurance trends, and help you become an invaluable Cyber Insurance resource to your clients. 3 Trends Driving Cyber Insurance Demand in 2023 Several trends are driving businesses’ growing dema ..read more