cyber risk insurance
who buys cyber risk insurance?

All types of organizations with confidential information need Cyber Risk Insurance.  Confidential information can include credit card, social security and bank account numbers.  In fact, one state has defined zip codes, in conjunction with other personal information, as protected confidential information.  Medical records are another type of confidential information with significant exposure.  Confidential information is also referred to as PII (“Personally Identifiable Information”) and PHI (“Protected Health Information”) depending on the type of information.  In addition to confidential information from customers, most organizations will retain the confidential information of employees.  

Example terms for organizations include:

Type of Company Limit Premium
Zoo $1M $4,100
Payroll & Tax Prep $300,000 $900
Escrow Company $1M $2,200
Health Telemarketing $10M $64,730
Dental Office $1M $1,725
Insurance Agency $1M $1,500
Food Processor $1M $9,760
Restaurant Group $2M $6,300

Most organizations do not carry Cyber Risk Insurance or do not have comprehensive coverage.  For example, a recent survey of risk managers noted that 72% do not have Cyber Risk Coverage.  The survey was focused on larger companies, and the percentage of smaller companies not purchasing Cyber Risk Insurance is higher. One expert estimates the percentage of companies without Cyber Risk Insurance is in excess of 85%.

We have a unique approach for providing comprehensive and competitive Cyber Risk Insurance to you for your clients.  To find out how, and for additional information, sales collateral, applications and indication forms, and for expert assistance with Cyber Risk Insurance, please contact us.

Tennant Risk Services is a wholesale broker and underwriting manager providing professional liability insurance.  We offer a broad portfolio of Cyber Risk Insurance, Technology E&O and other Professional Liability products customized to meet the specific needs of your clients.  We will provide you with the experience, expertise and market access that you need and expect so you can successfully meet your clients’ insurance needs.

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Tennant Risk Services
124 LaSalle Road
West Hartford, CT 06107
Phone: (860) 519-1301
Fax: (860) 216-5845

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