Insurance Technology Featured Article

Insurance Noodle Offers Cyber Liability Coverage

July 23, 2014

Everyone knows about home, auto, and life insurance; they are staples of everyday life that most people have and some cannot imagine going without. Businesses, too, have insurance packages that protect their buildings and other material possessions. In a time when technological possessions are growing in number and importance, though, are businesses adequately covering those assets as well?

Insurance Noodle, a budding, ambitious insurance company, is tackling that very issue. With its new commercial insurance coverage it directs specifically toward risks that professionals may face in the technology sector. It is offering insurance plans, Yahoo Finance notes, for programmers, software designers, app developers, IT consultants, and individuals who work with staffing firms.

These packages include what is known as cyber liability coverage, which is meant to act as a safety net for businesses that were hit with cyber attacks. It can help mitigate losses incurred as a result of malevolent actions. However, it cannot take the place of security protections such as firewalls, security plans, data backup, and encryption. Ted Devine, Insurance Noodle CEO, commented on the new service:

"Insurance coverage tailored to the technology sector is increasingly important as risks evolve at warp speed," Devine said. "Insurance Noodle now offers small IT businesses total protection, including Errors and Omissions, Cyber Liability, and Intellectual Property policies."

The number of cyber attacks worldwide is on the rise, and cyber liability insurance is but one link in the chain. Analysts expect the global cyber security market to have a compound annual growth rate of 11.81 percent through the 2013 to 2018 period. This includes the identification, monitoring, and resolution of attacks, and vendors may choose to offer security services in a number of ways. As such, businesses may receive security services delivered from the cloud, driven on-site, or as a combination of both methods.

According to their needs, businesses will be able to find the sorts of protection they need to limit their exposure to potentially damaging attacks. If they are hit, though, insurance could help them pick up the pieces so they do not have to close their doors as a result of financial or material loss.




Edited by Adam Brandt

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