Cyber Risk Insurance Solutions
SMP is partnering with leading insurance markets, cyber insurance experts and cybersecurity service companies to deliver turnkey solutions to risk assessment, risk transfer and loss mitigation.
Cyber Risk Insurance Placement
SMP can provide access to multiple markets to provide you a product suited for your client’s
needs for First and Third Party coverage across a broad spectrum of businesses. We also have in house capabilty for providing quotes the same day with a leading global market.
Minimum Premium: $2,500
Cyber risk and financial factors to consider:
Probability of an attack on your network or system (dependent upon industry, size, number of records,
potential for financial gain or damage/disruption, and perceived vulnerability)
Network and system protections, protocols and safeguards in-place
Evaluation of possible first party financial loss and third party liability damages if network/system protection, protocols and safeguards are not adequate to prevent cyber-attack including denial of service, data breach or other disruption
Insurance claim payments from cyber insurance or other policies (coverage and limits)
Amounts not covered by insurance
Insurance has a key role to play
As companies look to better manage and reduce their potential financial losses from social media and cyber risks in future. Cyber Risk Insurance is sometimes called Data Breach, Network Security or Privacy insurance. Cyber Risk Policies are not a standard insurance product. A separate Cyber Liability insurance policy offers comprehensive coverage and won't affect the rates or limits on any of your other insurance policies. You may have cyber insurance coverage built into your General Liability policy but a cyber-claim could exhaust your GL policy aggregate limit and you end up paying higher GL premiums in the future. As most insurance products are non-admitted, policy forms are not consistent, and enhanced coverage is available from specialty insurance markets. , utilizing an expert with access to these markets is critical in ensuring your clients understand the product and get the coverage tailored to meet a business' unique needs protecting against first-party and third-party risks. Getting the right coverage is important. SMP will provide solutions in conjunction with our specialist partners to save you time in determining what is right for your business.
Cyber Risk Assessment and Practice
Smart business organizations must have well- developed and well-communicated policies and practices in place to prevent a data breach from occurring. They also need to effectively assess their cyber security across all of the company’s operations. Cyber risks pose too great a risk to the continued success of organizations to be misunderstood. A closer association to the risk management function is a vital first step to managing this threat and ensuring that a risk based approach to cyber security investments is adopted. SMP is working with partners to provide tools to assist your clients to quantify and evaluate these objectives. These estimated expenses and costs will allow you to talk your clients through the coverage’s and limits they should have in place.
Managing Self-Insured Retentions for larger accounts
SMP can assist your clients with a Segregated Cell Formation. We can assist you with the utilization of segregated cells with established offshore insurers to provide a vehicle to fund cyber risks that may not be available in the commercial market or is cost prohibitive. We can also provide a policy that will benefit the client who is required or chooses to retain a large self -insured retention on their insurance programs.