-------------------------------
“Ask Jeff" is a weekly post made on the RyanAgency.com Blog.
Submit an insurance-related question to “Ask Jeff”.
-------------------------------
Part 3: Businesses that should consider Cyber Insurance
Jeff Ryan
April 17, 2023
Final article of a 3 part series
Businesses of many types should consider transferring the risk of loss to a Cyber event if they:
- Digital Way of Business: Rely on the internet or digital data to operate
- Store Non-Public Information: Store sensitive customer or employee information such as Social Security numbers, medical records or other financial information.
- Process Online Transactions: Those involved in frequent e-commerce or online transactions.
- Cloud-Based Dependencies: Businesses heavily depend on cloud computing platforms.
- Online Service Providers: Such as social media and software-as-a-service (SaaS) providers.
- Regulatory Requirements: Many businesses are under compliance regulations from various government concerns.
- Reputational Dependency: Any business heavily dependent on its online reputation.
Classes of business that fall under the exposures listed above include but are not limited to:
- Healthcare: Hospitals, clinics, private practioners, pharmacies
- Finance: Banks, insurance companies and agencies, investment firms
- Retail: businesses that process customer payments and/or store their personal information.
- Technology: Software, cloud computing and other technological companies that have complex IT requirements.
- Hospitality: Hotels, restaurants, travel agents, and other businesses that store guests, vendor or employee information.
- Education: Schools, universities, colleges that store sensitive student information.
- Manufacturing: That use the internet and complex computer systems to operate.
- Non-Profits and Charities: That collect and store donor information and manage sensitive information consistent with their operation.
The list of companies and classes of business that
don’t have a cyber exposure in today’s day and age is shorter than those that do.
A discussion with a knowledgeable agent on the types of exposures your business might face and the potential solutions available is one of the most important considerations in today’s business environment. Consider us a partner in the effort to transfer your Cyber risk of loss.
About the Author: Jeff Ryan has been a licensed insurance agent since 1978, later becoming a full-time insurance professional in 1983. Since then, he has been the principal of The Ryan Agencies with offices in Hornell, Jasper, and Wellsville. The agencies serve approximately 15,000 clients in New York and Pennsylvania. Jeff holds numerous credentials including the Chartered Property & Casualty Underwriter (CPCU), Certified Insurance Counselor (CIC), Accredited Advisor in Insurance (AAI), Chartered Life Underwriter (CLU), and Chartered Financial Consultant (ChFC) designations. He holds a Master's Degree from the American College. Jeff enjoys writing about all things insurance and welcomes your questions and feedback.
This article may have been originally published at Quora.com.
To see Jeff's Quora.com profile click here.
Insurance fraud is a significant problem, exceeding $300 billion annually, with the Property and Casualty sector contributing nearly $50 billion to that total.
Living in New York, you might have a stack of insurance documents—auto, homeowners, health, or life insurance policies—filed away somewhere. But how long should you keep those documents, and specifically, what papers should you hold on to?
The year 1962 was marked by historic events—from the Cuban Missile Crisis to the passing of Marilyn Monroe. But while the world focused on these headlines, Lee A. Ryan was working alongside his brothers on my grandparents' farm when an unexpected opportunity arose—an invitation to join the insurance business. With no prior experience, no clients, and limited resources, my dad took a leap of faith and partnered with Nationwide Insurance to start an agency from scratch. Operating out of his home on Karr Valley Road in Almond, NY, he built his business one relationship at a time (some of whom are still clients!), laying the foundation for what would become a lasting legacy.
“Am I covered if I drive someone else’s car?” Or, “Am I covered if someone else drives mine?”
Many don’t realize that the insurance industry is one of the country's most regulated business segments, especially in New York State. The New York State Department of Financial Services (NYS DFS) wields significant control over the insurance business and has a stated goal of protecting consumers.
Most property insurance companies offer Actual Cash Value or Replacement Cost settlement options. Typically, insurance companies will require that you insure the property to the settlement value you choose. If you select Actual Cash Value, the amount you may be required to insure the property for will be less than the corresponding Replacement Value.
In that spirit, the Ryan Agency is sponsoring a Stearns BBQ Dinner pickup at our office on 57 Broadway Mall in Hornell on September 12th from 3:00 PM to 4:30 PM.
Today, an individual’s credit history can play a more significant role than any one of those traditional factors. Good Credit Scores lead to a Positive Insurance score. A good Insurance Score greatly influences what someone will pay to insure their vehicles.
Insurance companies offer various discounts for which their policyholders may qualify.
Great Eight number Six (6) suggests taking a look at removing Comprehensive and Collision on Older Vehicles.
