Acuity Reports Rise in Cyber Liability Insurance Claims as Cybercrime Soars
Acuity Insurance reports continued increase in insurance risk for individuals and Companies
SHEBOYGAN, Wis., October 13, 2022 /PRNewswire/ — In recognition of Cybersecurity Awareness Month, Acuity Insurance — the only regional insurer rated A+ by AM Best and Standard & Poor’s, with over $6 billion of assets — points to an increased need for cyber liability insurance for personal and business policyholders. Of June 2021 at June 2022, Acuity Insurance has seen cyber liability insurance claims on its commercial insurance policies increase by more than 50%. For personal policies, Acuity saw a more than 90% increase in reported cyber claims in 2021 compared to 2020.
“Our lives, our homes and our businesses are more connected than ever,” said Steve Maliborski, managing director of commercial products at Acuity Insurance. “Being online brings an increased risk of cyberattacks, which are not covered by standard homeowners or business insurance policies.”
Acuity experts warn that everyone is at risk, whether you are a small business owner or an individual, as cyberattacks continue to pose a serious financial threat. From 2019 to 2021, cyberattacks increased by 50% compared to the previous year, according to recent research. Electronic fraud and gift card scams are two of the most common types of cyberattacks affecting both businesses and individuals, Acuity found.
“Scams involving social engineering are among the easiest to fall for, as fraudsters exploit a person’s trust to obtain money or personal information, which can then be used for unauthorized cash withdrawals. “, said Bob Hertel, Director of Personal Lines Product Development at Acuity Insurance. “Cyber insurance can protect you against financial loss caused by wire transfer fraud, phishing attacks, cyber extortion, cyber bullying and more.”
While all cybercrimes have a financial impact, fraudulent wire transfers often lead to greater losses. Banks are generally not responsible for funds lost as a result of a fraudulent wire transfer inadvertently authorized by the customer. Whether it is a wrongful transfer of money by a company or an individual, cyber insurance will help mitigate some of the financial losses caused by these scams.
While many people and businesses seek to keep their insurance costs as low as possible, adding a cyber endorsement will cost you far less than any cybercrime loss. At Acuity, Personal Lines Identity Fraud Fee and Cyber Protection Approval Costs Only $35 per year, while the average commercial policy starts at around $260 per year.
Although the best defense is prevention, you can rest easy knowing you’re properly covered. Acuity’s personal and business cyber protection policies contain resources to help minimize cyber risk and protect individuals and businesses. For more information, visit www.acuity.com.
Acuity Insurance, headquartered in Sheboygan, Wis., insures more than 125,000 businesses, including 300,000 commercial vehicles and nearly half a million homes and passenger cars in 30 states. Rated A+ by AM Best and S&P, Acuity employs over 1,500 people.
Contact: Kate Daniels(414) 881-5313, [email protected]
SOURCE Acuity Insurance