When cyber attacks like data breaches and hacks occur, they can result in devastating damage. Businesses have to deal with business disruptions, lost revenue and litigation. It is important to remember that no organization is immune to the impact of cyber crime. As a result, cyber liability insurance has become an essential component to any risk management program. Cyber liability…
Ransomware represented the number one cause of loss in a study of almost 6,000 cyber insurance claims, with the average ransom rising to $247,000 and the average incident cost up to $352,000 in 2020. NetDiligence’s 11th annual cyber claims study evaluated 5,797 claims arising from incidents between 2016 and 2020. Across the five years of claims data, ransomware accounted…
Andrea Pelletier, CPRIA, CPIA is Client Advisor and Partner at Gulfshore Insurance specializing in Private Risk Services. Andrea works with successful individuals and their families on creating and customizing package insurance solutions in the areas of luxury homes, car collections, jewelry, fine arts, watercraft, and personal excess liability. Comments and questions are welcome at apelletier@gulfshoreinsurance.com Gulfshore Insurance is a…
Andrea Pelletier, CPRIA, CPIA is Client Advisor and Partner at Gulfshore Insurance specializing in Private Risk Services. Andrea works with successful individuals and their families on creating and customizing package insurance solutions in the areas of luxury homes, car collections, jewelry, fine arts, watercraft, and personal excess liability. Comments and questions are welcome at apelletier@gulfshoreinsurance.com Gulfshore Insurance is a…
A growing number of cybersecurity threats have companies on high alert. More sophisticated cyberattacks have been aimed at the data and assets of corporations, and carriers are increasingly requiring insureds to implement multifactor authentication as a subjectivity for a cyber liability policy. What is MFA? Multi-factor Authentication (MFA) is an authentication method that requires the user to provide two…
Like many businesses, your company probably uses computers to send, receive, or store electronic data. Such data might include sales projections, tax records, and other information owned by your business. If the data is lost, stolen, or damaged due to a security breach, it could be very costly to replace or restore. Your computer system might also contain sensitive data…
In today’s world, doing business online is an everyday occurrence, but for businesses, it does carry increased risks. Do you know what your exposure is? Gulfshore Insurance is pleased to offer Cyber Liability insurance. To find out if you may need this type of protection, take this 8-question quiz. Your answers to the questions below help determine your level of…
Below is an infographic that shows how serious ransomware attacks have become. Ransomware is by far the leading data breach exposure and the ransom amounts are growing exponentially. The cost of paying the ransom is just the tip of the iceberg when it comes to resolving all of the associated attack issues. Working with a trusted insurance agent who has…
Insurance carriers are continuing to step forward with offers of help for customers and communities affected by the coronavirus crisis. Allstate announced that its Allstate, Esurance and Encompass personal auto insurance customers will receive a Shelter-in-Place Payback, a premium credit that recognizes that people are driving less during this emergency. Most customers will receive 15% of their monthly premium in…
Florida legislature unanimously passed the Florida Information Protection Act of 2014 (FIPA) on April 30, 2014. The new bill requires specified entities to take reasonable measures to protect and secure data containing personal information in electronic form and for them to notify individuals of data security breaches within 30 days of the occurrence. This bill went into effective on July 1, 2014. Understanding the changes and how it impacts your business is vital.
Due to increasing frequency of cyber security breaches, this statute became a necessity for the state legislature to address the growing concern. Last year alone, corporations experienced a 15 percent increase in average data breach costs – totaling about $3.5 million. The most common, not to mention most costly, type of data breach is a malicious insider or criminal attack.
