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As an insurance broker, you likely recognize that while these technologies drive business operations, they also increase vulnerability to cybercrime, making CyberInsurance a necessity for your clients. Helping your clients understand cyber risks and CyberInsurance policy jargon can be challenging.
As federal and state officials scramble to send unemployment and stimulus funds to help people hit hard by COVID-19 business shutdowns, it has become a perfect storm for cyber fraud. The payments are an easy target for cybercriminals as hackers and cyber gangs around the world have started to file unemployment claims use stolen identities.
With high unemployment and higher costs, this also poses a risk to employment practices liability (EPL) insurers. A strong EPL policy and relationship with insurancecarrier and broker can help during this time where unemployment may swing back the other way.
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