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Ray, nicely written article.

In response to these breaches and loss of confidential information, insurance companies are closely reviewing their policies. Broad endorsements are typically a thing of the past, and if quoted, come at a significantly higher premium.

Technology is a double edged sword, the data a business relies on to conduct its business also significantly increases its vulnerability to cyber threats. And, cyber risk is steadily increasing. Data breaches affect 100s of millions of records a year.

Unfortunately, Cyber Breach Coverage should not be considered an optional coverage anymore. The financial devastation caused by a breach can leave the most robust of companies struggling in the aftermath to regain shareholder confidence, reputation, and not to mention the slew of lawsuits which typically follow a breach.