Insurance Update – Emerging Risk of Cyber Insurance

Posted On: Monday, December 4th, 2017  In: Blog

Emerging Risk of Cyber Insurance

Since its inception, insurance has always served to manage risk. In the 17th century, a fire could destroy a shop front, records, and an entire business. Fire insurance served as a means of managing this risk both financially and actively, as insurers owned fire brigades.

In the 21st century, cyber risk can equally destroy a business by destroying its records and its reputation.

Beyond providing insurance, the standards and guidelines developed by the industry have the potential to define best practices and act as pseudo-regulations. Organisations need a means to manage cyber risk outside of their risk appetite; the insurance industry can fulfil this need.

The insurance industry identifies emerging areas of concern and successfully navigate these trends when designing suitable insurance products that enable adequate protection.
Utilising our enhanced risk identification and management functionality enables us to better offer protection against this emerging threat.

Our Insurance Brokers currently work with several underwriters who offer Cyber Insurance Products to ensure we remain ahead of this evolving threat and are able to offer the best protection possible to our clients.

Why Use Peter Vickers Insurance Brokers?

Our brokers are trained professionals that provide expert advice to help you make better insurance decisions for you and your business. We have the experience and specialist knowledge to help you find the appropriate cover, that’s the right fit for your needs.

Our brokers have in-depth knowledge of the insurance market and can negotiate and customise policies on your behalf. By comparing your available options – we’re empowering you to make informed decisions. We also explain any fees charged for services provided upfront, so you can always know what you have to pay. It’s also worth remembering that the time a broker can save you in researching the right cover is time you get back to put into your own business.

Our brokers are part of the largest combined general insurance broker network in Australia and New Zealand – Steadfast. We have a powerful voice in the industry, which means;

  • You’ll gain access to over 150 national and international insurers, so we can find you cover, no matter how unique your business is
  • Our brokers offer exclusive and tailored products, providing greater protection and better value for your business
  • Our brokers can escalate your claim at the highest level with insurers to get you back in business faster
  • Our innovative tools enable us to quickly compare insurance options to assess what’s right for you.

Importantly, our brokers work for our clients: not the insurance companies, so you can feel confident they have your best interests at heart.

Our brokers are ready to partner with you to find the right solution for your business.

 

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