Contact Us Today / 516.358.5600 ☰ ˟
Contact Us Today / 516.358.5600
Sexual Harassment Training COVID-19 FAQ Client Portal
Logo
  • Home
    • Home Page
    • Anti-Sexual Harassment Training
  • Get a Quote
  • Insurance Offered
    • Automobile
    • Business & Commercial
    • Church Insurance
    • Cyber Liability Insurance
    • Daycare Insurance
    • Health Insurance
    • Homeowner's Insurance
    • Life Insurance
    • Nonprofit - Social & Human Insurance
    • Professional Liability Insurance
    • School Insurance
    • Voluntary Benefits Insurance
    • Crime Insurance
  • Blog
  • Resources
    • Customer Service
    • File a Claim
    • Secure Area
    • Refer a Friend
    • Important Links
    • Calculators
    • Important Files
    • Free Reports
    • Insurance Glossary
    • Frequently Asked Questions
    • News Center
  • About Us
    • About Carriage Trade Insurance
    • Location Map
    • Employee Directory
    • Partners
    • Customers Testimonials
    • Privacy Policy
  • Contact

What type of insurance coverage do you need?
Home > Blog > 3 Cyber Risk Considerations for Businesses Beyond the Pandemic
TUESDAY, OCTOBER 12, 2021

3 Cyber Risk Considerations for Businesses Beyond the Pandemic

Has your company fully settled into remote working arrangements or decided to start opening up offices? Either way, you should carefully analyze your existing coverages and the market's emerging insurance offerings. 

 

The COVID pandemic single-handedly created the most dynamic shift of the century for companies in New York and across the globe. The pandemic environment has forced businesses to rethink workplace design and adopt new technologies for everyday solutions. The resulting heavy reliance on technology poses an entirely new level of cyber security risks. As a result, companies are now focusing more on cyber insurance and professional liability coverages.

 

When it comes to life, business, and insurance, knowledge is power. The five pointers listed in this article will help you confidently assess your company's cyber risk management strategies. So, it's time to welcome Industry 4.0 (and hopefully bid adieu to COVID-19). 

 

1) Check if your existing insurance policies address cyber risks. The use of remote logins, video connectivity, and technologies that allow us to do business on personal devices has transformed the workplace. But it's also made insurers nervous about the cyber risks that are now emerging. 

 

Stand-alone professional liability policies and cyber insurance (with a technology E&O) may help protect your business against several types of third-party liability charges arising from data breaches. However, these risks aren't necessarily new, even if they've increased. For example, many existing cyber insurance policies already cover third-party expenses like network security incidents, including ransomware demands, recovery and response fees, cyber security liability, and privacy and regulatory liabilities. In addition, comprehensive cyber coverage may also include first-party costs like income loss from internet interruptions and data recovery and repair costs.

 

2) Look out for new "exclusions" and other policy wording changes. Insurance markets may add additional exclusions during and after the pandemic. Employers must pay attention to phrases like "any" losses "arising from or related to" COVID-19. Terms like these are tricky because they allow insurers to get out of paying claims just because they occur during the pandemic. 

 

Also, several words have been re-defined both in the medical industry and insurance markets. For instance, "professional service" or "computer system" may be narrowed down even more than necessary to cover a smaller amount of risk. Work with brokers like Carriage Trade to analyze the impact of wording changes and new exclusions in your insurance policies - or buy a new cyber liability policy altogether. Whatever you do, make sure the insurance plan you have is adequate and meets your company's cyber security needs.

 

3) Review, review, review. If you're a corporate policyholder, make sure to review your cyber insurance program every renewal cycle. Reviewing your company's cyber liability plan will allow you to determine the adequacy of coverage as well as its ability to address emerging risks. 

Posted 6:23 PM

Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2022
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2014
  • 2013
  • 2012

  • safety tips(59)
  • auto insurance(44)
  • business insurance(26)
  • health insurance(24)
  • driver safety(23)
  • homeowners insurance(21)
  • cyber security(20)
  • cyber liability(17)
  • distracted driving(14)
  • tips(13)
  • driving safety(12)
  • health tips(12)
  • daycare insurance(11)
  • school insurance(10)
  • nonprofit insurance(9)
  • prevention tips(8)
  • driving tips(8)
  • auto coverage(7)
  • car safety(6)
  • summer safety(5)
  • emergency kits(4)
  • woodworking insurance(4)
  • don't text and drive(4)
  • storm safety(3)
  • drunk driving(3)
  • emergency tips(3)
  • cyber safety(3)
  • social media safety(3)
  • cybersecurity(3)
  • woodworkers insurance(3)
  • covid vaccine(2)
  • life insurance(2)
  • lumberyard insurance(2)
  • coronavirus(2)
  • non-profit insurance(2)
  • directors and officers insurance coverage(2)
  • woodworkers tips(2)
  • awareness(2)
  • machinery safety(2)
  • safe computing 2022(2)
  • sexual harassment(2)
  • renters insurance(2)
  • covid 19(2)
  • #coronavirus #healthinsurance(1)
  • tips for nonprofit organizations(1)
  • tire safety(1)
  • local business(1)
  • mary quinn's mark foundation(1)
  • driving emergencies(1)
  • spring(1)

View Mobile Version

Our Customer Feedback

Read More

Our latest blogs

  • Carrier
  • Carrier
  • Carrier
  • Carrier
  • Carrier
  • Carrier
  • Carrier
Carriage Trade Insurance Agency, Inc.
99 Tulip Avenue
Suite 404
Floral Park NY 11001
At Carriage Trade Insurance, the spirit of creativity is alive and well! We’ve dedicated our careers – a combined 40-plus years – to continually stay abreast of trends and innovations in the insurance industry and put that knowledge to work for you to create unique and individualized insurance solutions.
We're here for you
Home Page/ About Us/ Contact Us/ Our Blog/ Latest News/ Join Our Newsletter/ Refer A Friend
Quick Help Links
Quote Forms/ Service Forms/ File a Claim/ Insurance Glossary/ FAQs
Icon Icon
Icon Icon Icon
Social Icon Social Icon Social Icon
© Copyright. All rights reserved. Powered by Insurance Website Builder