Why cyber clients need more than just a policy

Why cyber clients need more than just a policy | Insurance Business

Why cyber clients need more than just a policy

The incidence of large scale cyber breaches shows no sign of slowing, and it seems than an organization of any size can be a target.

Late last month, two Canadian banks - both with a major US presence - announced that cyber attackers may have stolen the data of some 90,000 customers. Toronto-based Bank of Montreal revealed that it was contacted by individuals who claimed they were in possession of the personal and financial information of some of the bank’s customers.

The other bank, Canadian Imperial Bank of Commerce (CIBC), also revealed that it had been contacted by fraudsters claiming that they had stolen the personal and account information of 40,000 customers of CIBC’s Simplii direct banking brand.

There’s little doubt that both banks hold cyber policies to cover any financial losses, but modern organizations are starting to demand more from their cyber insurers. The stress and disruption associated with a breach goes much further than a financial loss and it’s for that reason that cyber specialist NAS Insurance provides all of its cyber liability insurance policyholders with added online and risk management support through its CyberNET feature.

“NAS CyberNET gives clients access to expert cyber risk advisors when they need them, plus 24/7 online training courses, sample policies and vendor agreement templates,” says Jeremy Barnett, senior vice president of marketing at NAS. “It helps clients mitigate the risk and impact of a cyber breach.”

NAS has also put significant effort into building a specialized and expert cyber claims handling team. The 20-person team is responsible for providing rapid response support for cyber clients and handles over 1,000 cyber claims each year.

“The team provides expert service and support when a broker or agents’ clients need it most,” Barnett says. “Working in close coordination with nationally-recognized privacy and security experts, the NAS claims team is trained to be experts in dealing with any eventuality that may arise, and will assist policyholders and be at their side every step of the way.”

 

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