Where to Begin with Privacy Insurance
June 23, 2015
The current privacy liability industry is estimated to be about $2.5bn in gross written premium, while most industry experts forecast a mature market to range around $50bn. With such staggering growth, it will become incumbent upon insurance professionals who traditionally operate in other lines of business to familiarize themselves with “cyber” liability exposures. As such, we at Hiscox have created a thorough Privacy 101 document to help those new to the topic of cyber liability gain a comfort level with industry terminology, exposures and corresponding coverage components. Additionally, we’ve partnered with Advisen, a leading provider of privacy insurance intelligence, to provide information on privacy trends in specific industries.
While these services are imperative in responding to a breach, it can be even more important to ensure that clients have purchased the “right” kind of cyber liability insurance (and enough limit). Our Privacy 101 guide can help agents, brokers and insureds become more comfortable discussing the topic of cyber liability. We often hear that newer market entrants “Don’t even know where to start”. To that we say, start with Privacy 101 and our Professional Services Privacy Breach Infographic.