When cyber and D&O insurance premiums soared, businesses may have felt it necessary to reduce coverage. Now, rates have declined, so it may be a good time to “top off” your cyber and D&O limits – especially because, unlike premiums, risks are not falling. Cyber and D&O Premium Trends Both cyber and D&O insurance have seen substantial swings in recent years. Cyber insurance premiums skyrocketed between 2020 and 2022. According to CIAB, rates were up 34.3% in the fourth quarter of 2021. After that, rate hikes began to moderate, although double-digit increases were still the norm for a while. By the second half of 2023, rate hikes were only up 3.6%. In the second quarter of 2024, CIAB says rates were actually down 1.7%. D&O insurance has shown a similar pattern. Rate increases started to climb around 2019 and 2020. CIAB says D&O insurance rates were up 16.8% in the second quarter of 2020 and 16.1% in the third quarter. However, the hard market di

Small businesses are increasingly becoming the target of cyber-attacks; 71% of such incidents involve organizations with fewer than 100 employees. With each attack costing an average $500,000 to fix, it’s an expensive price to pay for being unprotected against cyber threats. More and more businesses are finding out the hard way just how important cyber security is; at Brandt Insurance & Financial, we have the products in place to protect your business in the event you fall victim to an online attack. As the threats become more advanced, the more far-reaching your security coverage needs to be. If you want to make sure your small business is protected, follow our five steps to improving your cyber security and safeguarding your livelihood. Eliminate unnecessary data Many cyber-attacks are orchestrated with the goal of stealing sensitive information, either about your company or your customers. To reduce the risk to your business and your clients, permanently eliminate any u

The federal government has warned that a newly discovered computer software vulnerability poses a major threat to the security of computer networks around the country. Cybercriminals are exploiting holes in open-source code software commonly used in computer applications, websites, and cloud services. This can allow cybercriminals to seize control of a business’s computer network if preventative measures are not taken. This is not a threat that businesses should take lightly as it could cripple your organization if your network is affected. If your firm is large enough to have dedicated IT staff, it should be their immediate focus. The Danger of the Log4j Vulnerability The vulnerability lies in the Log4j software library, written in the Java programming language and created by the Apache Software Foundation. Many software vendors incorporate the Log4j software library into products such as websites, applications, and cloud services to record network security and performance info