Source: National Cyber Security – Produced By Gregory Evans
A robust cyber security insurance policy can be tricky to procure, even for the most meticulous wealth management firms. Interest in cyber insurance has surged over the past year following a number of high-profile hackings, including one announced earlier this month involving the U.S. Office of Personnel Management. In response, many industries and the financial services industry in particular, have stepped up their vigilance against cyber crimes. Last year, financial institutions raised by nearly 20 percent the total limits of their cyber coverage with Marsh, a global insurance broker and unit of Marsh & McLennan Cos, to an average of $23.5 million. Premiums for a $10 million policy at financial institutions with under $1 billion in revenue can run between $150,000 to $175,000 per year, according to Marsh. Insurance coverage would help offset the financial burdens of a cyber attack, covering everything from notifying customers to hiring technology experts. About 50 insurance carriers offer cyber insurance in the United States, including Ridge Insurance Solutions, a global insurance company launched in October by former Department of Homeland Security (DHS) secretary Tom Ridge. More than 60 percent of brokerages examined during a Financial Industry Regulatory Authority (FINRA) review of brokerages’ cyber security practices […]
For more information go to http://www.NationalCyberSecurity.com, http://www. GregoryDEvans.com, http://www.LocatePC.net or http://AmIHackerProof.com
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