Policyholders Urged To Have Assessments To Reduce Risk and Possibly Lower Rates
"Preparation is key to mitigating a potential cyber-related event" - Travelers insurance company
The Travelers insurance company and Symantec have band together to convey policyholders the importance of cybersecurity assessments. It has been projected that 2017 will be one of the worst years for cyber attacks. Breaches that occur have been proven to be crippling and even devastating for many businesses. Insurance for cybersecurity is projected to be about $3 billion for 2017 but could also advance as far as $5 billion to $7 billion over the course of the next few years.
“As technology continues to evolve and adversaries become more sophisticated, it’s important for businesses to understand the broad scope of potential trouble spots in their IT infrastructure and how they can mitigate or reduce these risks,” stated Pascal Millaire, Vice President, Cyber Insurance, Symantec. The collaboration with Symantec is intended to educate clients with the knowledge, planning and solutions to help understand threats and how businesses can protect themselves.
For clients of The Travelers insurance company having a risk assessment not only reflects that you're ahead of the curve, but that the security of your business is of up-most priority. "There are no guarantees, but if the customers act on the recommendations and let Travelers know about it when they are renewing their policies, upgrades would be taken into account when the new rate is set", says Tim Francis, Travelers company’s cyber-enterprise lead.
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Source: The Travelers Companies, Inc.