Why Do Aggregates Matter In Cyber Policies?

We are continuing to see a dramatic rise in hacking attacks. As technology develops and more devices are connected to the internet, there is far more potential for hackers to exploit your valuable information. When a company is successfully hit with a cyber-attack, the company may be seen as an “easy target.” If you have an aggregate on your policy and you use it all in one attack, your business may be in crisis mode when another attack occurs.
Claims Example: Celebrity Chef, Jamie Oliver
The website of British TV chef, Jamie Oliver was hit three times in four months by malware that potentially infects the computers of visitors to the site. The security company that found the exploit says the attack, which redirects users to malicious software, is similar to the previous two. Visitors would find their PCs compromised with a program running in the background that scans for and steals passwords, sending them on in a report to criminals behind the scam without the users’ knowledge.
How Can I Make Sure My Client is Covered?
Refer to the declarations page of your Insured’s cyber policy to determine what limits are offered. If it is unclear how the aggregates work, contact the underwriter involved to get a clear explanation.  If you are looking to ensure that your client has quality coverage in place, please contact Patrick Costello (contact info above) or click the quote/appointment buttons below.