With the rising growth of cyberattacks every year, it is no surprise that cyberrisk has been a hot topic at captive conferences. A panel of experts at the Connecticut Captive Insurance Association’s Symposium on Captive Insurance provided great insight on this exposure. Patricia Fisher, President of Janus Associates, highlights a few reasons why cyberattacks are increasing in businesses including lack of strategic approach, weak organizational process, rapidly changing technologies and lack of rigorous assessments. Speaker Thomas Hodson, JLT Towner Insurance Management, added that only 1% of captive owners are funding cyberrisk through their captives; however, a study by Aon indicated that 83% of captive directors think cyberrisk is a significant threat to their companies. Click below to read the full story.
Breach/Release of data related to hacking and/or virus exposure is one of many coverages your captive can insure. Call Oxford today to discuss what uninsured risks your company may be facing.