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Burns and Wilcox assistant VP David Derigiotis on which companies should get cyber security insurance.
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And so these cyber attacks we did not reporting out of major corporations like apple certainly highlight a growing problem is cyber.
It is a new study by HP -- cyber crimes are costing companies.
Over nine million dollars a year leading many to invest in cyber security insurance now David -- Jonas joins assistant vice president.
First and Wilcox and how much growth may -- could.
Quantify for us -- David are we seeing because we -- a moment ago company still a lot of things instead this environment we've done a number stories about.
Growing costs for say health insurance and other things tonight and in cyber insurance.
How much growth have we -- in terms of companies making investments in this type thing.
-- we've seen tremendous growth in this segment especially within the insurance industry.
People are becoming much more aware of the risks that their business has faced every business has an exposure we've seen double digit growth double digit.
Year over year type of thing over the last few years here.
Absolutely year over here you know we're here because the nine million as you see some of the recent cyber attacks the nine million dollar number that I cited a moment ago.
The beach in part about that is that since the year 2010 according to that study you have a 38% increase and -- idea how much we're going up because -- not millions from 2000.
And twelve so what what's which type of companies quote should get.
Cyber security insurance is that everybody across the board or as they're -- and some things they should be considering.
You don't -- to leave anything to chance if you're storing any type of information and your clients as well as information on your employees.
You should absolutely have coverage for this actor.
Cyber privacy liability policies haven't evolved tremendously since they were first introduced in the insurance industry in the late 1990s right and -- -- -- -- -- -- -- are are now it.
Almost everything is covered depending on what you're talking about there's a wide range of first party coverage is that are given which really got that pays for the policy right there.
So you're talking about before there's any identity theft.
You have somebody that's gonna get a coming due a forensic analysis of your database to figure out how the breach occurred what occurred how much information to they take.
They're gonna sort of notification letters and sum -- all affected individuals as well as establish a call center to be able to feel any of those incoming calls as a result of the latter's.
Is there one industry and other that's ahead I mean logic I guess to tell you that may -- technology is because they've they should have been or are aware of this and there.
Getting -- I -- but maybe not you never know is there an industry that's ahead of another.
In this because we look at these companies to Seattle for -- affect their profit loss going forward and in effect how to -- there.
Their stock price and that kind of thing but which industries are on top of that which aren't.
Without question is the financial services industry say -- -- banks and credit unions insurance companies.
You also -- not any type of health care related clinic doctors physicians offices.
Anybody with regards to health care.
They they know the exposures they understand the rest or at least they're becoming more aware of the rest.
No matter what you do it's not a question of if it happens it's one happens to you and how we can properly prepared.
-- has a lot of it and then suggesting that -- even maybe at a some of the tech companies that have been getting hit this week if you look at the health insurance stocks fall.
Down today but job this is another way it is still another reason this cyber security story so important David there just thanks lot for coming on tonight.
Thank you.
