InFocus: Cyber liability insurance

Small data needs [cyber liability] love, too

Small data needs [cyber liability] love, too

Fill in your email details for an immediate FREE download

Jeremy Barnett is senior vice president of marketing at NAS Insurance. In this piece, he gives agents and brokers the perfect cyber pitch for most businesses.

We hear about it every day. Big data. Big data breaches.  Big companies and big class action lawsuits. But it’s the everyday ‘small data’ that presents big risks for most businesses.

Your doctor enters your complaint and his diagnosis on a laptop.  Your kid’s school information is on a “Parent Portal” on the school’s website. You pay for car rides by giving a total stranger your credit card information right onto his smart phone.  You pay your daughter’s allowance from an app. You purchase your non-fat vanilla latte using the credit card info stored on your smart phone.

More texts. More email. More online accounts. More passwords.  More followers. With so much personal data being flung across devices and then sent, stored, shared, and downloaded who knows where, data is a risky business.

And if you’re a small business owner or a giant healthcare system, the data you interact with and use to manage your operation is essential. And at risk. Everyday.

But it isn’t the nefarious cyber criminal that is hacking away in his damp basement that you should fear. It’s your wonderfully talented office manager who accidentally opens the email attachment that brings down your firewall. Or the office cleaning crew that mistakenly takes the ‘to be shredded’ files to the dumpster instead of to the shredder. Or the eager bookkeeper that takes his laptop home over the weekend to review the accounts payable, to find that the laptop has been stolen out of his Jeep when he ran in to pick up his non-fat vanilla latte.

We continue to create tools and technologies that make our lives easier and our businesses more efficient. Yet we still can’t overcome our own humanity. We make mistakes. We lose track. And worse, we lose data that can cripple the very business we are striving to improve.

So while the big companies grab the headlines and become the hallmarks of cyber liability banter at our industry conferences, it’s the small data and the incidents and accidents of everyday worklife that pose the greatest threats to most businesspeople.

Cyber liability insurance is now a lot simpler. Rates are very affordable for all classes and sizes of business. All of us in the industry have the responsibility and opportunity to make cyber available to every business owner.  It should be a component of every BoP, every commercial GL policy, every PL policy.

For those of you at brokerages and agencies that are seeking to bring greater value to your clients, get smarter about cyber risk and become a cyber liability pro.  Help educate the market and push your carriers to deliver simpler, easier cyber programs.  The risks are ubiquitous and growing. Let’s get the word out and policies issued. There’s a lot of small data that needs big attention.

Don't miss other highlights from this week's InFocus series...
"Case study: How one broker took on a tough cyber risk and won"
"4 misconceptions that could sink your cyber sales"
"The 6 hottest growth markets for cyber insurance"
"Harnessing the challenging, profitable cyber market"

Fill in your email details for an immediate FREE download

NAS Insurance is a unique specialty market with distinct capabilities in product development, underwriting, marketing, risk management and claims handling – integrated insurance services that simply help you grow your business.
As a leading market for specialty insurance for over 35 years, we believe our job is to make it easier and faster for you to get a quote and bind coverage.  Whether you are using our online system, or working directly with our underwriting team, you'll get rapid response and results that will help you accelerate your business.

NAS offers you specialty solutions that are smart and simple.