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Cyber

Cyber Insurance

 

Cyber-insurance is a specialist insurance product used to protect businesses and individual users from Internet-based risks, and more generally from risks relating to information technology infrastructure and activities. Risks of this nature are typically excluded from traditional commercial general liability policies or at least are not specifically defined in traditional insurance products. Coverage provided by cyber-insurance policies may include first-party coverage against losses such as data destruction, extortion, theft, hacking, and denial of service attacks; liability coverage indemnifying companies for losses to others caused, for example, by errors and omissions, failure to safeguard data, or defamation; and other benefits including regular security-audit, post-incident public relations and investigative expenses, and criminal reward funds. 

 

If you would like to know more about Cyber Insurance or any other service on the site, please fill out an inquiry, send us an email or give us a call. A professional from our team will reach out.

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Because the cyber-insurance market in many countries is relatively small compared to other insurance products, its overall impact on emerging threats is difficult to quantify. As the impact to people and businesses from threats is also relatively broad when compared to the scope of protection provided by insurance products, insurance companies continue to develop their services.

As insurers pay out on cyber-losses, and as cyber threats develop and change, insurance products are increasingly being purchased alongside existing IT security services. Indeed, the underwriting criteria for insurers to offer cyber-insurance products are also early in development, and underwriters are actively partnering with IT security companies to develop their products.

As well as directly improving security, cyber-insurance is enormously beneficial in the event of a large-scale security breach. Insurance provides a smooth funding mechanism for recovery from major losses, helping businesses to return to normal and reducing the need for government assistance.[1]

Finally, insurance allows cyber-security risks to be distributed fairly, with cost of premiums commensurate with the size of expected loss from such risks. This avoids potentially dangerous concentrations of risk while also preventing free-riding.

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This site is published for residents of the United States only.  Representatives may only conduct business with residents of the states and jurisdictions in which they are properly registered Therefore, a response to a request for information may be delayed until appropriate registration is obtained or exemption from registration is determined. Not all of the services referenced on this site are available in every state and through every advisor listed. For additional information, please contact Jeffrey Merwin at 949-455-0300 Investment advisory services are offered by Financial Management Network, Inc.(“FMN”) and securities offered through FMN Capital Corporation, (“FMNCC”), member FINRA & SIPC. Securities are not FDIC-Insured, are not bank-guaranteed, may lose value. FMN and FMNCC may only transact business in those states and international jurisdictions where we are registered/filed notice or otherwise excluded or exempted from registration requirements. The purpose of this web site is for information distribution on products and services. Information herein is taken from sources deemed reliable and neither FMN nor FMNCC are responsible for any errors that might occur. Asset Allocation does not guarantee a profit or protect against a loss in a declining market. It is a method used to help manage investment risk. Diversification does not guarantee a profit or protect against a loss in a declining market. It is a method used to help manage investment risk. Neither Asset Allocation nor Diversification guarantees a profit or protect against a loss in a declining market. They are methods used to help manage investment risk. FMN/FMN Capital Corp. does not offer legal or tax advice. Please consult the appropriate professional regarding your individual circumstances. This site is designed to provide information about our firm and the services we offer. The information you obtain at this site is not, nor is it intended to be, legal advice, or financial advice. You should consult an attorney or CPA for individual advice regarding your own situation. FMN and FMNCC have no affiliation with any companies displayed on bar of logos. 

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