Cyber Insurance and its Benefits

1. Cyber Insurance The what, who and why for insurance agents

2. Introduction This presentation is for insurance agents to understand 3 main points: • What cyber insurance is • Who the potential customers of cyber insurance are • And why insurance agents should consider selling cyber insurance

3. What is cyber insurance? • Cyber insurance covers the cost incurred by a cyber-related security breach. • Cyber insurance is a unique coverage that does not have a common form or standard policy. • Coverages can vary according to the need of the insureds.

4. Common claims • Although most cyber liability policies are unique to the policy holder, here is a list of common claims: • Phishing scams • Malware attacks • Third party cloud hacks • Ransomware attacks • Online defamation • Lost payment card information • Beyond ransomware • Data breach & lost customers • Lost data • Employee error

5. Who are your potential customers? • Literally anyone who uses digital technology to process and store data will need cyber insurance. Here is a list of potential customers: • Individuals • Corporations and companies • Small and Medium Enterprises (SMEs) • Governmental/non governmental/non profit organizations

6. Why you should choose to sell cyber insurance? • Cyber Insurance is a booming niche. Here are some reasons why: • Increase in technology dependency • Use of technology to store confidential information • Use of technology to process transactions • Rapid technological advancements

7. Conclusion • From individuals to companies to businesses, anyone who uses technology needs cyber insurance • Cyber insurance is an attractive sector for agents to dive in • Cyber insurance is complex and unique for different clients • Insurance agents have great potential to win over clients