We have had a cyber policy for a few years now and are considering a higher limit from $1MM to $3MM or even $5MM. We are in the mid-size company market.Does anyone have any data on recent losses by companies in the construction space? Has anyone purchased higher than $1MM? And with what deductible.Trying to stay ahead of this if it happens.Thanks all!
Thanks everyone – we definitely have been spending a lot of effort and resources on risk mitigation which we know has already prevented a few headaches. However, it only takes one bad click.
I recommend using an agent that understands the differences in Cyber Liability Coverage forms. This is a relatively new insurance product and is not an off-the-shelf policy. The most important factor in choosing coverage is how the policy addresses "emerging risk"; new ways thieves can gain access to your data, your employees' and your customers' data. I suggest getting quotes on different limits and buy what you can afford. I do agree with Brad that prevention techniques are more important than anything else. Hope this helps.
Anne Erickson/ NY Insurance Broker
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