}

Large companies might have bigger IT security budgets than their smaller counterparts, but they still regularly fall victim to cyber attacks.  And just as their digital security needs are more complex than a mom-and-pop business, so too are their cyber liability requirements.

One reason that large firms need a non-standard approach to cyber risk management is that they often have a diverse mix of products and services offered.  For example, one of INSUREtrust’s clients is a large health care system with nearly $600 million in annual revenue.  This company delivers a large spectrum health services through a variety of channels, and so needs cyber insurance that goes far beyond that of a single physician’s office.

While the single physician probably does not need media liability coverage, the large health care system most assuredly does because it is almost inevitably going to be publishing information in both print and online.

Large firms are usually either horizontally or vertically diverse, which is another factor in making their coverage needs complicated.  This is true of another INSUREtrust client, a media conglomerate with annual revenues of nearly $1 billion.  The company operates radio and TV stations, publishes newspapers and magazines, and produces web sites.  It is in a wide array of geographic areas too.  The very nature of the company, thus, necessitates specialized construction of a cyber insurance portfolio.

Organizational structure is another factor that dictates tailor-made solutions for large businesses:  They have multiple business units (BU) that are in different industry groups and have different insurance needs.

Finally, large companies engage in behaviors not practiced by small firms, such as acquiring and merging with other large companies.  This growth method means that the parent company inherits all the liabilities of the company being purchased, and so must have comprehensive insurance for the potential risks of both.

Before the acquisition, the large parent company might go through a capital-raising phase.  A data breach during this process could be devastating to the end goal, and insurance is needed in this situation too.

We at INSUREtrust have been cyber liability insurance experts for over 15 years, and every day we help large and small businesses obtain the right policies for their particular needs.

Internet insurance doesn’t have to be expensive, but it is money well spent. The premium cost for a cyber insurance policy can be as little as $1000 for a $1 million policy limit.

Over the past ten years, INSUREtrust has written more than $100 million in premiums and paid more than $30 million in claims. Insurers are looking for business and we can find competitive pricing and terms for almost any risk.