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Cyber Liability Insurance- Importance

The resolutions included addressing cyber liability insurance, increasing penalties for computer crimes, and regulating cyber security in the insurance industry. The need for cyber insurance is distinct and rapidly growing in the market. For more, visit: https://agencyheight.com/cyber-insurance/

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Cyber Liability Insurance- Importance

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  1. Cyber liability insurance – Challenges and Solutions for Insurance Agents

  2. Introduction • The purpose of this presentation is to inform insurance agents of the challenges that come with selling cyber liability insurance and their solutions. • The main 3 challenges are: • Fluctuating prices • Technological advancements • Change in legal infrastructure

  3. Fluctuating prices - Challenge • Many insurers do not have the experience in offering adequate cyber insurance policies. • Agents have to estimate the extent of loss and underwriting the business interruptions caused by cyber liabilities. • However, price uncertainties are a huge challenge for agents when consulting with clients.

  4. Fluctuating prices - Solution • Understand your customer’s business scale • Analyze the potential parties at risk • Discuss your clients’ priorities • Scan through the market to identify the insurers that provide the best possible solution

  5. Technological advancements - Challenge • Smart technologies are a growing way of life today. • There are emerging cyber risks brought about by ever-evolving technologies. • With the evolving technologies, cyber risks, and insurance needs, it is a challenge for agents to keep up with the updates and changes.

  6. Technological advancements - Solution • Stay updated on the emerging cyber risks posed by technologies. • Engage yourself in platforms that can identify and analyze these risks. • Join an insurance aggregator. • Create just the perfect policies for your clients.

  7. Change in legal infrastructure - Challenge • Legal provisions and policies for cybersecurity keep changing on an as-needed basis. • Increasing penalties for computer crimes • Regulating cyber security in the insurance industry • Implementing training to make incidence response more prompt and better • Pay extra attention to specific cyber-crimes

  8. Change in legal infrastructure - Solution • Agents must understand how the cybersecurity reforms fit in to control the emerging cyber risks.

  9. Conclusion • For fluctuating prices, try your best to keep in contact with the insurer as well as your client. • For technological advancements, get all the needed information from your clients about their operations and future plans. • For legal infrastructure changes, stay updated with insurance news by following news sites and legal blogs.

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