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Businesses Look To Cyber Insurance To Stem Revenue Losses From Online Data Breaches
LOS ANGELES (PRWEB) August 18, 2014
When Peter R. Taffae and his team at ExecutivePerils, an insurance brokerage firm with a focus on cyber insurance policies, began speaking at conferences 15 years ago, cyber security was not seen as a major business liability. However, events like the Target data breach of 2013 and the recently discovered Russian crime ring data breach of over 1 billion passwords has catapulted cyber insurance to the forefront of risk management discussions.
Though companies continue to take security measures to prevent data from being compromised, data security breaches are still significantly affecting corporate revenues. According to a study published by the Ponemon Institute in May of 2014, the average cost of a data breach increased 15 percent from $3.1 million to $3.5 million in the past year.
Unlike other types of insurance, cyber insurance does not have a standard policy form. Every insurance provider has its own wording, which companies need to tailor to fit their own needs. Although each companys cyber insurance policies will vary, ExecutivePerils recommends including the following provisions:
For more information about ExecutivePerils and its services, please visit http://www.eperils.com.
About Executive Perils:
Executive Perils is a national wholesale broker solely dedicated to Directors' & Officers' Liability, Employment Practices Liability, Fiduciary Liability, Legal Malpractice, Media Liability, Cyber / Network Security / Privacy Liability, Insurance Agents E&O, and over 75 miscellaneous Errors & Omissions insurance. Executive Perils currently is licensed in over 40 states and is appointed with 50+ insurance companies. Recognized nationally as one of the top brokers. Recipient of Risk Innovator® , Power Broker® (2009 & 2011.) For more information about ExecutivePerils and its services, please visit http://www.e-perils.com.
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