Cyber risks are rampant. Criminals are finding many ways to steal from businesses, ranging from phishing email scams to brute-force hacking of passwords. Their goal is to make money by stealing your data or inflicting maximum damage on you by shutting your business down and holding you ransom to get your computers and data back from forever being lost.

Just as companies invest in workplace safety, prudent companies will also invest in strong cyber security. Because hackers can still get through even the best defenses and because employees can still make costly mistakes, cyber insurance is now the final layer of security that is essential for every business. In some cases, the insurance is being mandated by partners, simply to do business.

The Mover’s Choice cyber insurance program is divided into two main categories:

  1. Organizations that have less than $10 million in annual gross revenue
  2. Organizations that have more than $10MM

Cyber Insurance is in the spotlight with the U.S. Senate as well. There have been three hearings exploring the growing cybersecurity risk and the coverage, challenges, and opportunities. Watch all three hearings here:

  1. “Building a More Secure Cyber Future: Examining Private Sector Experience with the NIST Framework”, examined the federal National Institute of Standards and Technology (NIST)’s partnership with the private sector to improve critical infrastructure cybersecurity.
  2. “Getting it Right on Data Breach and Notification Legislation in the 114th Congress”, provided the Committee with more information to assist its efforts in drafting a federal data breach bill.
  3. “Examining the Evolving Cyber Insurance Marketplace” The hearing explored the growing cybersecurity risk insurance market and heard from experts about coverage, challenges, and opportunities in the industry and the impact on cybersecurity.