Cyber Liability Coverage: Higher Standards on the Way
Most insurance agents have suggested numerous risk management steps to help their clients reduce the danger of cyber breaches and restrain premiums hikes. Those suggestions will now become requirements to obtain coverage. Multifactor identification for network access is already an across-the-board requirement. More insurers will also require detailed breach response plans. Soon to come are network monitoring standards to head off network penetrations and aid forensic investigations.
The Internet of Things: Playing Catch-Up
The adoption rate for the Internet of Things — Wi-Fi devices for home convenience and business productivity — continues to accelerate. The growth of IoT monitoring devices in health care settings has opened numerous attack surfaces to cybercriminals. While the devices improve patient care, the pressure to gain first-to-market advantage led many vendors to shortchange security protocols. With your health care clients, patching these holes will remain an IT headache for the near-term future.
The agencies and brokers that stay atop the evolving cybersecurity threats will be the insurance enterprises that thrive in the coming decade. Working alongside a general agent with a proven track record of innovation puts that goal within reach.