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.