October is Cybersecurity Awareness Month. Cybersecurity is a hot topic for the insurance sector today and a growing concern for many businesses. Businesses, large and small, should consider cyber insurance as part of their risk management process. Cybersecurity is a risk that all carriers should take seriously from an operational resilience perspective, as cybersecurity events can disrupt your business, costing you money.
Most commercial property and general liability policies do not cover cyber risks, and cyber insurance policies are highly customized for clients. Insurers and insurance producers must protect the highly sensitive consumer financial and health information collected as part of the underwriting and claims processes. Reports show that sectors like health care and financial services are experiencing higher cybersecurity incidents and claim costs, partially due to the data they manage.
Back in 2019, the Mississippi Legislature passed Senate Bill 2831, otherwise known as the Insurance Data Security Law. The Cybersecurity Law establishes standards for data security in the Mississippi insurance industry. It also set parameters for how my office is notified of…
