Brokers can use the insights they gain from researching and insuring their own cyber risks to explain cyber liability coverage to their customers, says Melissa Snyder, president of the Insurance Brokers Association of Waterloo Region (IBAWR).
Snyder discussed cyber liability risk in the IBAWR's February 2012 newsletter.
Snyder notes comprehensive packages and policy extensions are now available to protect brokerages and other companies against losses arising from privacy and security breaches, hacker malfeasance and resultant damage to reputations, business interruption, extra expense and numerous other types of losses.
"We as brokers have a real advantage here to educate our clients," she writes. "Where this coverage was always considered optional, our current environment and the risks associated with E-commerce have it moving in a mandatory direction."